Johnson: Go back to founding principles for the future
LAS VEGAS (6/6/07)--Credit unions must go back to the basics--their members--to propel themselves into the future, National Credit Union Administration (NCUA) Board Chairman JoAnn Johnson told General Session attendees Tuesday morning at the America's Credit Union Conference & Expo.
Today is the last day of the Credit Union National Association sponsored event in Las Vegas.
"Credit unions are owned by members and controlled by members,"Johnson said, noting "members are why credit unions were founded in the first place."
Recent conversions and hostile takeovers resulted in good education about the process, Johnson noted. "NCUA was criticized early on for not making statements earlier outlining its position" on conversions and takeovers. However, "it is far more important to focus on members' best interest...and ensure we don't put up parameters we'd regret with a hastily drafted regulation," she said.
"Members' best interest must float to the top," she added.
She outlined three challenges facing credit unions: sluggish growth, passage of the Credit Union Regulatory Improvements Act, and financial education. One remedy she suggested to the growth issue: make sure volunteer boards are diverse and reflect the entire membership.
As for financial education, "Nobody does it better than credit unions--nobody. But I encourage you to take it up a notch" to provide more opportunities.
Referring to her testimony before Congress on subprime mortgages and predatory lending, and her scheduled testimony Thursday on credit card disclosures, Johnson said having a good story makes her job easier. "Credit unions are part of the solutions and not part of the problem."
More CU/System
News Now LiveWire
- Iowa Gov. Terry Branstad credited Dupaco Community CU for its role in helping an Iowa small business grow and create jobs. - 1 hour ago
- Iowa Gov. Terry Branstad visits Dupaco Community CU, notes CU's role in helping small bizzes grow & creating jobs in state. - 2 hours ago
- Gunman killed Friday in shootout w/ police outside PBC CU, West Palm Beach, Fla., I.D.'d as Christopher Brown, 18. No one hurt inside CU. - 3 hours ago
- In Wash Post article on ?end of Fannie and Freddie,? CUNA?s Hampel says CUNA, CUs are working on contingency plans. http://t.co/bzmi57mY - 3 hours ago
- John Bell, an employee of NC Community FCU, has announced his candidacy for the NC House of Representatives. - 3 days ago
- See all our Tweets and sign up; News Now LiveWire on Twitter
