NCUA Chairman Rodney Hood visited the LSCU office in Birmingham for a Town Hall with credit union officials and LSCU staff on Oct. 4.
Hood discussed the work NCUA has been doing since he took office. Some of the finalized rules include, the PAL II, bylaws, delay of the Risked-Based Capital Rule and revision to the secondary capital rule. The NCUA is working on a number of issues that will reduce the regulatory burden to credit unions, such as reducing barriers to credit union innovation with Fintech, getting the USDA lending program to assist rural members like the SBA does for other business lending and providing more transparency to credit union purchases of banks. He also indicated an interest in securitizing mortgages within the credit union industry in partnership with government-sponsored enterprises (such as Freddie/Fanny Mac and the Home Loan Banks).
The meeting produced a lively dialogue among credit union officials who shared great ideas about innovation and clarification for issues like CECL and Fintech innovation. Hood has a vision to improve the regulatory system to help credit unions better serve their members.
Among attendees were Greg McClellan, ACUA administrator; Bill Wells, president/CEO of Alabama One Credit Union; Joe McGee, president/CEO of Legacy Community Federal Credit Union; Lisa Coffey, COO, Corporate America Credit Union; Lauren Howle, vice president, Corporate America Credit Union; Virginia Bowen, president/CEO of AOD Federal Credit Union: Brandi McKinney, vice president of HR and compliance, Alabama Credit Union; and Tommy Cobb, senior vice president, West Alabama region of Alabama Credit Union.
Hood was named the 11th NCUA chairman earlier this year by President Trump. As NCUA board chairman, he also serves as a voting member of the Financial Stability Oversight Council and represents the NCUA on the Federal Financial Institutions Examination Council and the Financial, Banking Information Infrastructure Committee.