Press
Metsger: Meeting members’ needs is the standard of success for credit unions
WASHINGTON, DC (February 25, 2014) — The success of a credit union, and of the credit union movement, is measured by how well millions of members are being served, NCUA Board Member Rick Metsger said today.
“Credit unions must remain relevant in the mix of financial services options available to the American public,” Metsger said. “Membership targets, loan growth, assets and earnings are not, in themselves, the standards of success. They are meaningful only to the extent they link clearly to meeting the needs of membership. A credit union that is safe and sound, but irrelevant to its members’ needs is not a viable outcome of regulation.”
Metsger spoke to more than 4,400 credit union representatives attending this year’s Governmental Affairs Conference hosted by the Credit Union National Association. The text of Board Member Metsger’s prepared remarks is available here.
Metsger recounted his long association with the credit union movement, from getting a loan to purchase his first car while in college to serving as a director of his credit union and now sitting as an NCUA Board member.
Noting that two credit union directors from his time on a credit union board are still serving, he said, “Their continued service as volunteers, over several decades, is a testament to the strength of the credit union movement.”
Metsger also drew parallels between the responsibilities of a credit union director and an NCUA Board Member.“You and I are expected to give our best efforts to engage, question, evaluate and act as necessary to ensure a credit union’s viability,” he said. “Today, nearly 96 million Americans rely on us as regulators and you as credit providers to help strengthen families and build communities. Let’s never forget the importance of that trust.”
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 96 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.