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News Now

Washington
NCUAs Hood summit stresses proactivity flexibility
CHICAGO (8/11/08)--During his second annual Risk Mitigation Summit, National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood encouraged attendees not to simply avoid risks, but to “manage them effectively in order to stimulate economic growth.” “This morning, I ask that you all join me on this journey of seeking clarity in the balance of risks and rewards, amid economic indicators we often wish were clearer and more predictable,” said Hood. “As financial service providers, today’s credit unions are able to create member value and stimulate economic growth by taking risks. The seeds you plant today will shape America’s families and communities tomorrow." The summit was held last week at the Federal Reserve Bank of Chicago. Leaders from government and industry attended the event, which addressed “the latest and most effective techniques for risk mitigation,” according to an agency statement released Friday. Hood noted the importance and timeliness of the summit, and stressed the necessity for NCUA and the industry to proactively address risk mitigation issues. “Safety and soundness and consumer empowerment are closely related concepts,” noted Hood. "My interest in hosting today’s Risk Mitigation Summit stems from my core belief that credit unions must have regulatory flexibility and empowerment to dynamically manage their balance sheet to respond to the challenges of the current economic stresses.” Donna Gambrell, Director of Treasury's Community Development Financial Institutions (CDFI) Fund, delivered the keynote address.


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