NCUA Chairman Johnson calls on CUs to tell their stories
Philadelphia, PA, November 16, 2005 – National Credit Union Administration (NCUA) Chairman JoAnn Johnson told credit union executives that while the credit union system provides outstanding service to members from all walks of life, America’s credit unions’ compassionate mission of service of ‘people helping people’ should be told in a more valiant and vigorous manner.
“America’s credit unions are known for their good work in reaching into the depths of communities, especially those who have been left behind to predatory lenders, and serve as the financial partner folks can count on for mainstream financial services,” said Chairman Johnson. “However, the real challenge of this good work is documenting and singing your own praises of the service, when it is second nature to so many in the credit union community.”
In an address to the Credit Union Executives Society Council, Chairman Johnson said she has “long believed that credit union members are the true judge of credit union member service. Year after year, annual surveys indicate that these not-for-profit financial cooperatives are indeed making an indelible mark on their membership and communities. There is no credible evidence to suggest otherwise. However, credit unions should recognize that in this ever-changing, dynamic marketplace and legislative climate, I urge you to understand the need to document your service and success in serving millions of Americans of modest means.”
Chairman Johnson said the “one-size-fits-all regulatory regimes such as CRA is not the answer to documenting service, however, I do call on credit unions to more effectively communicate your service and likewise, I would be interested in the information potentially available through the 5300 Call Report data. NCUA is evaluating the best way to assist in this effort to highlight the credit union service to Americans from all walks of life.”
The National Credit Union Administration, governed by a three-member board appointed by the President and confirmed by the Senate, is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 84 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.