Matz Thanks Volunteers for a Job Well Done

NCUA Board Member Says Volunteers Will Decide Credit Unions’ Future

Nov. 3, 2003, Montego Bay, Jamaica – National Credit Union Administration (NCUA) Board Member Debbie Matz today recognized credit union volunteers for a job well done, and said “the future of credit unions is in your hands.”

Speaking to 200 directors and committee members at the Credit Union National Association’s Volunteer Leadership Institute, Matz pointed out, “You have helped reduce the number of high-risk credit unions to near an all-time low. With more than 9,500 federally insured credit unions in America today, only 211 are CAMEL codes 4 or 5. You are doing such a good job protecting credit unions’ safety and soundness, it makes our jobs easier at NCUA.”

Matz suggested that in balancing risks, the role of credit union volunteers is similar to the role of NCUA: “We don’t want to prevent credit unions from taking risks. We want to help credit unions manage risks.”

The greatest risk to credit unions’ future safety and soundness would be taxation, Matz observed. But, she encouraged volunteers, “You can prevent taxation by making sure your credit union serves everyone in your field of membership. Single mothers, recent immigrants, hourly workers, first-time homebuyers, and victims of predatory lenders all need a financial institution they can trust. Your credit union can provide everyone in your field of membership with access to low-cost, high-quality services.”

“ The decisions you make today will determine whether your credit union will thrive in the future,” Matz concluded. “Your credit union’s safety and soundness is based on your policies, your membership, your services, and your ability to manage risk. The future is in your hands.”

A 24-year public service veteran, Matz is a member of three credit unions and resides in McLean, Va. with her husband and two children. Before her appointment to the NCUA Board, Matz was appointed by President Clinton as Deputy Assistant Secretary for Administration in the Department of Agriculture.

The National Credit Union Administration, governed by a three-member board appointed by the President and confirmed by the Senate, is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the savings of more than 80 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.