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NCUA Chairman JoAnn Johnson’s Statement Regarding Senate Passage of the Financial Services Regulatory Relief Act of 2006

Alexandria, VA, May 26, 2006 – National Credit Union Administration (NCUA) Chairman JoAnn Johnson released the following statement regarding Senate Passage of the Financial Services Regulatory Relief Act of 2006.

NCUA Chairman JoAnn Johnson has released the following statement:

"The Senate passage of the Financial Services Relief Act represents another important step forward for this legislation. If enacted into law, the legislation will modernize and improve the regulatory structure under which credit unions operate, and enable them to provide more up to date services to their members.  It will also allow for the redefinition of net worth following the merger of two healthy credit unions, a vital and time-sensitive change to the law. I am hopeful that the process moves ahead expeditiously in the House of Representatives, and that a bill reaches the President in the near future. We look forward to continuing to work with the next Congress on additional improvements such as prompt corrective action reform and increased member business lending flexibility. "

The National Credit Union Administration 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 accounts of nearly 85 million account holders in all federal credit unions and the majority of state-chartered credit unions.  NCUA is funded by credit unions, not federal tax dollars.