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Northup to Leave NCUA in 2006

November 22, 2005, Alexandria, Va. – National Credit Union Administration Congressional and Government Affairs Director Clifford R. Northup today announced plans to relinquish his position in early January 2006 and depart the agency after a transition period.

“In 2001, I was looking for an opportunity to join the newly elected Bush Administration,” said Cliff Northup. “My previous credit union trade association experience led me to the National Credit Union Administration (NCUA). After nearly five years and with our legislative agenda for this Congress well under way, now is a good time to take a step that will allow me and the agency to prepare for a change.”

“I want to thank President Bush, NCUA Chairman JoAnn Johnson, former Chairman Dennis Dollar, and the other NCUA Board Members for the opportunity to work with them on so many issues and contribute to their many accomplishments,” Northup said. “I also want to thank my agency colleagues for their support.”

“The first session of the 109th Congress has been productive,” said Northup. “I am pleased to have played a part in advancing these and other issues during my tenure at NCUA.”

Several NCUA-specific provisions were enacted into law this year as part of bankruptcy reform; two NCUA-priority, stand-alone credit union bills were passed by the U.S. House of Representatives; the President’s two nominees to the NCUA Board were confirmed by the U.S. Senate and sworn-in; share and deposit insurance legislation is near enactment; regulatory relief legislation is again proceeding in Congress; and NCUA proposed reforms to the regulatory capital system for insured credit unions have been introduced in Congress and are gaining support on Capitol Hill and among financial policymakers.

"Cliff Northup has been an integral participant in the agency's progress in moving important legislation forward in Congress," said NCUA Chairman JoAnn Johnson. "I appreciate Cliff's many contributions and dedication at NCUA and wish him continued success in his future endeavors."

The National Credit Union Administration 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 share deposits of more than 84 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.