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Caucus: NAFCU’s Berger joined NCUA Board Member Hood to dive into CU industry growth, fintech partnerships, more
NCUA Board Member Rodney Hood spoke Tuesday at NAFCU’s 2021 Congressional Caucus and shared insights on the importance of transparent communication between members, credit unions, and regulators and the impact effective communication has on industry growth. After giving his individual remarks, Hood sat down with NAFCU President and CEO Dan Berger for an impactful fireside chat where they discussed fintech, NCUA budget management, and updates on the agency’s Advancing Communities through Credit, Education, Stability and Support (ACCESS) initiative.
In his opening remarks, Hood praised the positive impact that credit unions had on their members and the economy during the pandemic.
“I encourage you to especially make a point of letting your elected representatives know about your success stories,” Hood requested. “It’s important to let your legislators know that you were helping them drive the American economy.”
On the topic of fintech, in discussion with Berger, Hood stressed the importance of building relationships between credit unions and fintech firms.
“Credit unions are always looking for new innovative solutions, new companies, new fintech,” Berger asked. “What do you think NCUA can do to be helpful to members across the country?”
“What we can do to better serve you is give you the regulatory empowerment and freedom you need to take part in this burgeoning growth of fintech,” Hood responded, emphasizing the power of technology and its ability to transform the industry and help CUs better serve their members. ;
To close, Berger asked Hood to give an update on the NCUA’s ACCESS Initiative – which launched during Hood's time as chairman – to bring together leaders from across the NCUA to modernize regulations, policies, and programs in support of greater financial inclusion.
“The ACCESS Initiative is not only designed for us at NCUA, but also the broader credit union industry to find opportunities and to provide financing so all underserved communities to be brought to the economic mainstream,” Hood said. “We have hired a coordinator who will oversee and make sure that we are giving the tools for small dollar lending and helping invest in minority depository institutions, CDFIs, and low-income credit unions.”
Hood concluded that he wants ACCESS to be a “part of the DNA of the credit union system for generations to come.”
Of note, Hood also joined yesterday's NAFCU Regulatory Committee Meeting to meet directly with committee members and NAFCU staff.
NAFCU’s Congressional Caucus, though ending today, is currently being held in a hybrid format, both in-person and virtually; view the agenda here. Follow along on Twitter with #NAFCUCaucus for live event updates.