NCUA Chairman Rodney E. Hood Remarks – America’s Credit Union Museum, Manchester, NH

Many thanks, Paul, for the sort introduction, and many thanks, everybody else, for welcoming us to participate you with this wonderful occasion.

And congratulations to Mike L’Ecuyer for the recognition that is well-deserved getting today.

When I arrived in today, we felt a chill floating around, and yesterday evening it felt like autumn.

Fall in brand brand brand New England is actually a masterpiece. It reminds of this poet Stanley Horowitz’s observation: “Winter is an etching, springtime is a watercolor, summer time is definitely an oil artwork, and autumn is just a mosaic of those all.”

We additionally desire to congratulate every person involved in the renovation that is wonderful of Credit Union Museum.

I know you may be justifiably pleased with what you’ve got achieved here.

This is certainly a essential resource for credit unions, and I also hope they are going to just take the chance to play a role in the museum’s archives and inform their tales.

It is additionally a significant academic device.

Touring the displays is just an experience that is deeply moving.

Just just What caught me personally first and foremost ended up being the real faces the thing is.

We encourage everybody else to consider them, spending some time together with them.

I learn these real faces and I also see a great deal regarding the fundamental values of our bodies, of our country.

We see power. We see intelligence. We see compassion. I see hope. The capacity is seen by me for work. We see dedication.

We see a feeling of obligation, a recognition of community and of just just just how our life are bound together, and just how, involved in concert, we are able to build something greater than ourselves which allows us all to prosper.

This June that is past celebrated the 85 th anniversary of President Franklin Delano Roosevelt’s signing associated with the Federal Credit Union Act.

This legislation developed the framework required for instructors, authorities workplaces, skilled tradespeople, and an incredible number of other people to pool their resources and organize credit unions. Loans could possibly be supplied to users on the basis of the consideration of the character, plus the capability to repay.

This further democratization of banking and credit added to America’s rebirth that is economic the Great Depression.

“we learn these faces and I also payday loans in Utah no credit check see a great deal associated with fundamental values of y our system, of our country. I see power. I see cleverness. We see compassion. We see hope. The capacity is seen by me for work. We see dedication.”

Into the years that then then then followed, America’s credit union system happens to be a success story that is outstanding.

Because of the foresight of these whom established that system, today an incredible number of People in the us, 118 million people and growing at final count, understand they may be able confidently entrust their cost cost savings and their well-being that is financial to credit unions.

Our mosaic becomes bigger and much more vibrant every time a participant joins a credit union and adds his / her tile to your design.

This started off just as an idea like so many great things in America. And whenever we follow that long historic string of America’s credit unions, it might junited statest take us to the following, and, in reality, for this building.

About twenty-five years ahead of the Federal Credit Union Act had been signed into legislation, St. Mary’s Cooperative Credit Association—now St. Mary’s Bank—was chartered to give a secure location for textile millworkers, many of them immigrants, to save cash and discover affordable credit.

Such as the credit union system it self, St. Mary’s is continuing to grow.

The credit union now has significantly more than 100,000 users and assets in excess of $1 billion.

If you stick to the credit union movement’s history, you’ll be reading an account of expanding possibility on the basis of the concept of individuals people that are helping.

A hundred years ago, numerous People in the us had difficulty getting use of money. In the event that you had been from a functional and even middle-income group history; in the event that you had your small business you hoped to see grow; or you had a family group farm in which you had a need to get the plants or livestock to advertise, usage of credit ended up being tough in the future by.

More over, also in the event that you could easily get that capital, it usually was included with high interest levels or even the loan ended up being organized in many ways that made payment hard, if you don’t impossible.

Then, if the currency markets crashed in 1929, just exactly exactly what credit could have been available abruptly dried out. 1000s of companies of all of the sizes shut, many people had been away from work, and also the country sank as a damaging depression that is economic.

Hard times demanded innovative reasoning, and that ended up being the background that Congress drafted the Federal Credit Union Act.

However the many essential tale to tell the following is perhaps not about legislation, or credit, as well as banking institutions. Instead, it really is a tale about individuals assisting individuals, in their communities that are own.

It is vital to remember that credit unions arose and expanded maybe perhaps not away from government fiat. Alternatively, they expanded from the movement that is grassroots of have been forgotten and had been being put aside. And also this motion expanded from individuals who desired to solve issues like:

“A nationwide system of cooperative credit,” a network of locally based, non-profit, member-owned finance institutions that offer affordable, quality credit and saving solutions to those who work in need of assistance, will be one key way to that issue. The growth of the credit union system was about the promise of people helping people at every step. It absolutely was the vow of individuals working together to make use of their assets to buy their communities.

It had been maybe not just an idea that is completely new. Credit unions did exist prior towards the law that is federal these were chartered by states. Nevertheless the Federal Credit Union Act laid the groundwork for the modern, comprehensive system we now have today.

“we am positively believing that you see into the images throughout this museum, we are able to fulfill those challenges and seize those possibilities. whenever we remain faithful to your renters for the credit union motion, to your eyesight of those”

The device this motion created provides affordable services and products; it provides the type of individual solution to its member-owners that is relationship based—something perhaps maybe perhaps not today that is always common other company models; plus it provides programs such as the CU Senior protect system (starts brand brand new screen) that trains credit union staff to identify indications that the elder user could be economically exploited.

I could let you know i will be honored to your workplace with over 1,100 dedicated specialists who work with the NCUA and focus on the greatest amounts of professionalism and public solution. They already know that behind every known user quantity is really a name, a face, and a fantasy. They already know that people are even more than an algorithm or entry for a spreadsheet. They’re individuals with dreams for future years, whom you can help just just take that next thing up the ladder with full confidence. Our challenge now could be to focus on reaching a lot more of those individuals.

America’s credit unions are specifically well-placed to conquer these challenges.

This framework that is regulatory 85 years ago increased trust, self- self- self- confidence, and accountability within the credit union system. That has been just just just what permitted these vital neighborhood organizations to expand, to prosper, also to hand back to your communities they provide.

We try not to simply take credit union members’ trust, their confidence, for provided. Their trust has to be strengthened by way of a constant dedication to solution, transparency, and accountability.

For the reason that exact same character, every one of you right right here today contribute your talents, your time, along with your leadership into the success of America’s system of cooperative credit, and I also provide my deepest admiration for the work.

Together, we face challenges and possibilities ahead.

For the component, as regulators, you want to build a framework that encourages you to definitely innovate and offers you with all the flexibility to get new approaches to provide your users and also to develop and flourish properly and soundly as finance institutions.

As America indicates, repeatedly, when one begins to rise this ladder, there isn’t any telling exactly just how far it’s possible to climb up.

We realize which our diversity just isn’t a weakness, but a energy.

These differences make our national economic picture brighter, more beautiful, and more vibrant like the different tiles of the great mosaics, like the changing leaves of New England.

We look ahead to being your lover in this undertaking.