Statement of the Chairman

Statement of NCUA Chairman JoAnn Johnson

Alexandria, VA, April 14, 2005 – National Credit Union Administration (NCUA) Chairman JoAnn Johnson issued the following statement today regarding the House passage of S. 256, The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

“With today's passage of reforms to the bankruptcy laws in the House of Representatives, the nation's credit unions are a major step closer to realizing greater protections, as well as ensuring consumers will have continued access to affordable credit and financial services. I commend Senator Grassley for his leadership on this important issue. Senator Grassley has expressed to me that the strong support of the credit union community significantly helped move this legislation toward enactment. I value the service of credit unions across America for their role in providing low-cost financial services. This bill will solidify the accessibility of credit for Americans from all walks of life."

-NCUA Chairman JoAnn Johnson

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, also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of over 83 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.