Markets Wired

Chairman Moderates Conversation with Financial Regulators during Freedman’s Bank Forum

WASHINGTON, D.C. (March. 3, 2020) — Before attendees of the Freedman’s Bank Forum (opens new window) today, National Credit Union Administration Chairman Rodney E. Hood offered welcoming remarks and moderated a panel discussion on the importance of minority depository institution preservation.

“The founding of the Freedman’s Bank was more than just a business opportunity. In its original conception, it was an act of humanitarian service to others, rooted in the sense of deep faith and generosity, for the benefit of people who had very little,” Chairman Hood said. “Today, we call it ‘financial inclusion.’ But to the bank’s founders, this was greater than a policy goal: it was a moral and ethical necessity.”

The U.S. Department of the Treasury celebrated the 155th anniversary of the Freedman’s Bank, which was founded as a way of advancing financial and economic security for African Americans and their communities after the Emancipation Proclamation and the end of the Civil War. Hood’s welcoming remarks are available on the NCUA’s website.

In his discussion with Comptroller Joseph Otting; Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury, Bimel Patel; Federal Deposit Insurance Corporation Chairman, Jelena McWilliams; and Federal Reserve Board Governor, Michelle Bowman, Hood addressed topics of significant importance to MDIs and relevant stakeholders, including:

• Initiatives and supervisory strategies agencies are undertaking to complement the work of MDIs in their communities;
• The challenges an evolving financial services marketplace poses to smaller institutions; and
• The benefits of fintech as an opportunity to improve service and expand access to affordable financial services.

At the conclusion of the Treasury event, Chairman Hood kicked off a two-day Minority Depository Forum for credit unions.

The first day includes a one-on-one discussion with Chairman Hood and National Urban League Senior Vice President and Chief Financial Officer, Calvin Harris. The second day consists of several training sessions and breakouts that focus on the NCUA’s 2020 supervisory priorities, strategies for growth, and the NCUA’s initiatives to support minority credit unions.