Specialized Lending Activities—Third-Party Subprime Indirect Lending and Participations

05-RISK-01 / June 2005
Specialized Lending Activities—Third-Party Subprime Indirect Lending and Participations
Subject
Risk Management
To
Federally Insured Credit Unions

Sincerely,

/s/                                        /s/

JoAnn Johnson         Deborah Matz

Chairman                  Board Member