A strong, independent NCUA is needed to support the credit union system and its members, said NCUA board member Tanya Otsuka at the Governmental Affairs Conference Tuesday. Otsuka explained this independence is critical to maintaining both stability and confidence in the industry.

She said there is much she would like to achieve at the agency, including dedicating more time and staff to small credit unions, and proposing a rule to reimburse credit union board members for dependent care expenses, a move that is strongly supported by America’s Credit Unions.

Otsuka said the agency is ultimately the product of “one too many dark periods in our nation’s history,” specifically pointing to the Great Depression leading to the creation of deposit insurance and independent financial regulators and the signing of the Federal Credit Union Act in 1934.

“The credit union movement continued to grow, and in 1970, Congress established the NCUA as an independent agency to charter and supervise federal credit unions, and manage the share insurance fund, extending the deposit insurance safety net to credit union members,” she said.

Credit unions are often a lifeline for communities as the only source for equitable, affordable services, added Otsuka.

“That is why credit unions must continue to show the American people what the credit union difference means and live up to the mantra of people helping people. As not-for-profit, mission-driven institutions, credit unions must embrace the importance of strong consumer protection, lower-cost financial products, and service over profit,” she said. “Too much is at stake than to be seen as no different than a bank, tech company, or other financial institution. The credit union difference is the ultimate competitive advantage.”