Rodney Hood, NCUA chairman, testified before the Senate Banking Committee on Tuesday to provide an update on the state of federally insured credit unions and the NCUA’s efforts to assist them during the ongoing COVID-19 pandemic.
“Our nation’s credit union system was well-capitalized at the start of the pandemic and remains so today, with high levels of net worth and ample liquidity,” Hood said. “This strength has allowed credit unions to adapt to the operational challenges resulting from the pandemic.”
Hood detailed the agency’s efforts to provide regulatory relief, help credit unions address emerging risks and support small, low-income and minority credit unions during the ongoing COVID-19 emergency. He also discussed the agency’s new financial inclusion initiative, ACCESS: Advancing Communities through Credit, Education, Stability and Support.
Also testifying Tuesday were Randal Quarles, Federal Reserve Board vice chair for supervision; Brian Brooks, acting comptroller of the OCC; and Jelena McWilliams, FDIC chairman.