News Release
Contact: Public Relations Coordinator
(800) 342-9835, ext. 8130NCUA Board Member Hyland Addresses NY CUs
(May 27 - Latham, NY) – Gigi Hyland, NCUA board member and chair of NCUA’s Outreach Task Force, addressed New York State credit unions about a number of issues at the New York State Credit Union League’s annual meeting Tuesday, May 20 in Albany, NY.
Hyland began with a brief acknowledgement of being back in what had previously been her home state. She then affirmed the current strength and stability of the credit union industry despite the many dilemmas’ facing today’s financial marketplace. Given the current economy, Hyland also indicated that while credit unions are in the best position to offer credit to those severely impacted by the mortgage crisis, as well as by escalating gas and foods costs, they must remember to keep track of core deposits in order to practice essential asset liability management.
Hyland summarized NCUA’s efforts with regard to the subprime mortgage crisis. She pointed out that credit unions need to be protected from any new legislation and /or regulations that seek to target all financial institutions as a result of the crisis. She spoke about letters NCUA has released regarding credit unions ethical subprime lending practices and how they limit their lending risk while meeting their members’ needs.
In relation to the mortgage crisis, Hyland shared information about NeighborWorks Center for Foreclosure Solutions (www.nw.org), which works to preserve homeownership and healthy neighborhoods in the face of rising foreclosure rates. Hyland is NCUA’s liaison to this national nonprofit organization that also provides training courses and resources for foreclosure mitigation counselors.
Hyland also briefly touched on the U.S. Treasury’s "blueprint for a modernized financial regulatory structure," indicating that any action is highly questionable and if any of the parts of the "blueprint" were to move forward, even Treasury Secretary Paulson acknowledged it could take 6-10 years before the federal government could take any action.
The subject of NCUA examinations was another point of interest. Hyland talked about examination issues and how credit unions need to look further into the future and implement long-term strategic planning to survive.
In closing, Hyland shared the latest developments from NCUA’s Outreach Task Force and how the board would be considering data collection at it’s next meeting (which it did), but that it was still deliberating over how to address the recommendations on executive compensation. One recommendation from the report is currently in a 60-day comment period. It calls for the revision of the "low-income members" definition and a change to "median family income" when determining their qualification for special assistance.
The New York State Credit Union League (NYSCUL) has served as the trade association for the state’s credit unions for 91 years. It is the fifth largest league in the country. New York credit unions have assets of more than $39 billion and 4.2 million members. To learn more about the League, visit www.nyscul.org.
NCUA Board Member Gigi Hyland addresses the New York State Credit Union League at their Annual Meeting held recently in Albany, NY.
Gigi Hyland, NCUA board member and Outreach Task Force chair, brings New York credit unions up to date on Administration happenings at the New York State Credit Union League’s Annual Meeting held recently in Albany, NY.
New York State Credit Union
League, Inc. & Affiliates
P.O. Box 15118, Albany, New York 12212-5118 | 19 British American Boulevard, Latham, New
York 12110
800-342-9835 | Fax 518-437-8284
