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News Now

Washington
Johnson assesses service during NCUA tenure
ALEXANDRIA, Va. (7/2/08)—In advance of exiting her position at the National Credit Union Administration (NCUA), JoAnn Johnson said that during her tenure as chairman she had the privilege to shape a regulatory regime stringent enough to exact unmatched safety and soundness for credit unions and flexible enough to promote innovation in financial services. Johnson noted that during her chairmanship a number of major issues “caused NCUA to draw upon considerable financial, legal and legislative resources in order to continue responsible stewardship of the credit union industry.” She named the “increased congressional scrutiny of the credit union tax exemption and the agency’s proactive response to it, the troubling emergence of a ‘cottage industry’ devoted to engineering the conversion of member-owned, cooperative credit unions to for-profit banks, and the credit/mortgage crisis” as some of the challenges that made her work exciting personally and professionally. The credit union member, Johnson said, has been the common denominator in the NCUA’s work in these areas and the “central animating principle” that she tried to bring to her regulation of credit unions. “And I take no small measure of satisfaction in noting that the elevation of the member, while simple in the description, is actually a very profound and complex policy achievement that will pay dividends for the credit union industry as it evolves,” the chairman added. Johnson made her remarks in a statement issued Monday as she prepares to leave the NCUA after six years of service, four as chairman of the agency. Last week, the Senate confirmed President George W. Bush’s choice of Michael Fryzel to succeed Johnson. The president has said he intends to designate Fryzel as chairman.


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