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Hood: Increasing Underserved Homeownership is a Top Priority

DES MOINES, Iowa-During remarks at the Iowa Credit Union Foundation Summit, NCUA Vice Chairman Rodney Hood laid out the importance of homeownership, particularly among the underserved, for wealth building. "Owning a home is the foundation of wealth for low-income families and is their quickest path to self-sufficiency," Hood said. Serving...

By Staff Writer | Updated on April 11, 2006

DES MOINES, Iowa-During remarks at the Iowa Credit Union Foundation Summit, NCUA Vice Chairman Rodney Hood laid out the importance of homeownership, particularly among the underserved, for wealth building. “Owning a home is the foundation of wealth for low-income families and is their quickest path to self-sufficiency,” Hood said. Serving the underserved requires credit unions to focus more on results, he said, create strategic partnerships, and conduct outreach. In connection with this, he also discussed the importance of permitting “credit unions to serve the underserved and facilitate credit union service for communities as allowed under the regulatory and statutory authority.” The American Bankers Association has filed suit to block non-multiple group credit unions from serving underserved areas, which has forced NCUA to place a moratorium on such practices and consider amending field of membership policy. The vice chairman also expressed his support for the proactive stance the foundation was taking in equipping the state credit unions with needed resources to reach out to the underserved.

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