NCUA Vice Chairman Hood, volunteers and payday loans

Yesterday, NCUA Vice Chairman Rodney Hood hosted a remarkable afternoon interactive discussion, where he announced a new initiative – one that I think will help draw younger people to credit unions. He said that NCUA is about to launch its Blueprint 2020 initiative. This program will provide a plan for credit unions to partner with colleges and other educational institutions to encourage young people to consider membership and careers with credit unions. I know it is an initiative that NAFCU Chair John Milazzo firmly believes in and that he has worked with the vice chairman to help shape the blueprint. In speaking about the initiative, Vice Chairman Hood mentioned that it is intended to do more than just expand credit union membership. It also aims to highlight opportunities for service on credit union boards and supervisory committees.

What did you think about Vice Chairman Hood’s remarks?

I also attended a lively discussion during the Chairs Caucus, where we discussed a number of pressing issues such as the continued decline of small- to mid-sized credit unions as well as concerns about the NCUA’s new data collection requirement and an NCUA Outreach Task Force recommendation to require the disclosure of CEO compensation.

Volunteers out there, what’s on your mind? Let us know.

Finally, I wanted to draw your attention to the remarks of Rear Admiral Len Hering, who spoke at our Defense Credit Union Summit luncheon. He gave a powerful speech about how predatory lending is sapping the readiness of our armed forces. He called it a national security threat and said that 78 percent of all security clearance denials are because of financial problems and fully 100 percent of all espionage cases are found to be linked to financial issues.

Hering also noted that 85 percent of all payday lending stores are just outside of military bases. He called on credit unions to continue their good work and to help teach sailors and soldiers about financial responsibility.

What are you doing to help your members who need short-term loans?