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NCUA Board Member Rodney E. Hood poses for a photo with Maine credit union representatives.
Credit unions enjoyed a special opportunity to meet with one of their federal regulators on Monday. NCUA Board Member Rodney E. Hood addressed the League, Synergent, and credit union representatives from across Maine at a special roundtable discussion hosted at PeoplesChoice CU’s Saco branch. Hood spent over 90 minutes sharing important updates from the NCUA and answering questions credit unions had on a variety of topics including liquidity, cybersecurity, affordable housing, cannabis banking, and overdraft fees.
Liquidity and the strength of credit unions, both in Maine and nationally, was a focal point in Hood’s remarks. He noted how credit unions demonstrated great resilience during the COVID-19 pandemic by helping members navigate uncertainty and offering Paycheck Protection Program (PPP) loans. Nationally, Hood shared that credit union membership has grown since the pandemic. He also reminded credit unions to utilize the NCUA’s free Simplified CECL Tool to help determine their Allowance for Credit Losses (ACL) on loans and leases.
Because cybersecurity and online threats are impacting financial institutions around the globe, Hood encouraged credit unions to remain vigilant and discussed NCUA’s new cyber incident notification requirements, which go into effect September 1. He referenced how he advocated for a 72-hour incident reporting structure instead of a 36-hour timeline to allow credit unions greater flexibility to address cyber incidents.
Hood applauded Maine credit unions for their philanthropic work and efforts to promote financial inclusion. He also spoke briefly about the NCUA’s ACCESS Initiative and the support it can provide credit unions when dealing with members facing financial hardships. As member of the board of NeighborWorks® America, Hood discussed the dire need to address affordable housing. He encouraged credit unions to explore potential training opportunities with NeighborWorks.
He also addressed cannabis banking and the need to help marijuana-related businesses meet their financial needs. He seemed optimistic that the SAFE Banking Act, if enacted, would be a step in the right direction.
“Monday’s meeting was incredibly beneficial for our League and our credit unions,” shared Robert Caverly, League Vice President of Advocacy & Outreach. “We can’t thank Board Member Hood enough for being so generous with his time and for his willingness to address a variety of questions and concerns. His openness and transparency is refreshing, and I know everyone in room appreciated the dialogue.”
Credit unions that participated in Monday’s meeting include Community CU, Cumberland County FCU, Dirigo FCU, Evergreen CU, Maine Family FCU, New Dimensions FCU, PeoplesChoice CU, The County FCU, Tricorp FCU, and University CU.
Media Coverage:
August 17, 2023 – Mainebiz: Federal regulator voices confidence in Maine credit unions