approach. Not that we’ve ever done that, but I sometimes think the smaller credit unions need to know that we are approaching them with a laser-light focus in how we examine them through a more tailored principles-based approach. We’re really excited that our examiners are going to be using that framework. So, we’re looking at again, how do we invest in these small credit unions? How do we keep them viable? Yes, there is a lot of consolidation in the industry, and I want to make sure that if the consolidation makes sense, then yes, if that’s a board decision. But I don’t want there to be consolidation because maybe we have burdensome rules and regulations with which they’re having to comply. I certainly hope it’s not because of our policies. Now, if it makes sense for them to merge because they’re looking for scale and things of that nature, well then we don’t want to stand in the way of that. But if we can reduce regulatory burden, if we can empower them such as through [credit union service organizations (CUSOs)] and broadening their abilities to work with CUSOs and through financial technology—I think one of the things that can really help small credit unions, in fact even larger ones, is how do we use technology as that force multiplier to help those 137 million members have access to 21st century financial products? Mesack: So, let’s take a little walk down memory lane. You’ve served two terms on the NCUA board. One could say, you know, you’re probably one of the more consequential figures in the NCUA governance in the recent years. And you’ve seen a lot. You were here during the financial crisis. You were here during COVID, you’ve been here during the Signature Bank and Silicon Valley Bank scares, you’ve seen and done a lot. And what do you feel are some of your biggest accomplishments in your time there? And what do you think some of the challenges are going forward for your successor? Hood: Oh my goodness, what a good question. I cannot take full credit for any of the things that I’ve accomplished. I’ve been blessed to lead a team of people who would work with me to bring a lot of my ideas to fruition. And with some of the people that have worked with me, I would say the things that through working in partnership that I really am proud of is, we’ve talked a little bit about this today, and that is the Office of Financial Technology and Access. To go from the ideation stage to bringing it to fruition. So now, like many of the other federal financial regulators in D.C., credit unions now have a prudential regulator with an Office of Technology. …I was able to work with my team and colleagues at the agency and we created the ACCESS initiative that stands for Advancing Communities through Credit Education, Stability, and Support. That is a group within NCUA that is working with our MDIs to empower them to succeed, working with different colleges and nonprofits around financial education and financial coaching and financial health. It’s helping us recruit. How do we build a mentality around bringing diversity into the agency? And I’m not just talking about racial and ethnic diversity, I’m talking about low- to moderate- income communities. I’m talking about rural, tribal, differently abled, second chance and justice involved. …I’m excited about the technology, the access piece, and Greg, it’s intentional that I put the Office of Financial Technology and Access together so those two are partnering together. If we are deploying financial technology strategically, it should bolster greater financial access. So again, that is the intentionality between those two departments working hand in hand. NCUA WEBSITE RESOURCES: Visit www.ncua.gov/supportservices to view recent updates on the agency’s ACCESS initiative, resources for credit unions and information about the Central Liquidity Facility. NAFCU TRAINING: The association offers an online training course for new credit union staff members as a complimentary perk for NAFCU member credit unions. Access all of NAFCU’s training opportunities for credit union professionals by visiting www.nafcu. org/education-certification. The other thing that I’ve been really proud of from being able to work with my board members and others is to really provide CUSOs with the support that they need. Just like I believe in technology, credit union service organizations are also integral to the ongoing success of credit unions. I was very delighted to champion the rule making where our CUSOs could originate loans that credit unions need so that they can then buy them and sell them and participate them out if they need to get additional yield. I think in a nutshell, I’m just proud of the things that I was able to do that would leave a legacy for the next generation of credit unions. We’re going to always pursue technological change. We’re going to always pursue serving vulnerable communities. And I think through the new offices that we’ve created, the CUSO piece that we have, I think those are the things that I’m most proud of. And I look forward to seeing the next generation of board members continue to perfect upon that. “ I’m just proud of the things that I was able to do that would leave a legacy for the next generation of credit unions. ” 14 THE NAFCU JOURNAL September–October 2023
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