NCUA Board Member Rodney Hood Discusses Personal, NCUA Priorities at Tidewater Chapter Meeting

Photo: NCUA Board Member Rodney Hood (pictured fourth from left) spoke to 70 credit union representatives at a Tidewater Chapter Meeting on March 10.

70 representatives from Tidewater Chapter credit unions welcomed NCUA Board Member Rodney Hood to the Commonwealth today.

In an address to the Chapter in Newport News, Board Member Hood noted several priorities he and the agency are pursuing, including financial inclusion and access; leveraging fintech partnerships and technology as a means of fostering financial inclusion and helping credit unions meet today's marketplace expectations; Bank Secrecy Act/Anti-Money Laundering issues, including a reminder to credit unions that required reports are helping law enforcement catch and prosecute bad actors; and continued assistance and guidance related to the Current Expected Credit Losses (CECL) methodology, the coming accounting standard which takes effect next year for credit unions above $10 million in assets. During his term as chairman, Hood fought to exempt all credit unions from CECL.

Given current heightened risks, Board Member Hood also urged credit unions to make use of NCUA's cybersecurity tools. He noted the importance of protecting members' data in the midst of an ever-increasing onslaught of cyber attacks.