NCUA News Release

NCUA Chairman Johnson Says Agency is Demonstrating Progress With Study Focused on Credit Union Service to Persons of Modest Means

Alexandria, VA, November 30, 2005 – National Credit Union Administration (NCUA) Chairman JoAnn Johnson announced today that the agency’s working group charged with analyzing credit union service to persons of modest means is making progress and is expanding its focus in three areas – transparency, definition of modest means, and the data gathering process demonstrating service to those members.

“The NCUA has a responsibility to examine these issues to the fullest extent,” said Chairman Johnson, “I am pleased with the progress of the working group and look forward to a report as soon as possible in 2006.”

The NCUA working group formed in 2003, as a result of a General Accountability Office (GAO) study focusing on credit unions’ mission of service, was expanded to determine a data collection process.

Following the November 3, 2005 congressional hearing regarding credit union taxation before the House Ways and Means Committee, Chairman Johnson directed the working group to expand its scope in an effort to expeditiously address the issues raised at the hearing.