Updating NCUA’s member business loan regulations while remaining
within the bounds of the law and safety and soundness will provide
credit unions additional opportunities to support America’s
small businesses, Johnson said, an effort aligned with President
George W. Bush’s plan to strengthen small businesses by encouraging
entrepreneurship, accelerating economic growth and generating new
jobs for American workers.
“President Bush is committed to creating an environment
where small businesses can flourish. Credit unions are a perfect
ally to assist small businesses with their financing and deposit
services needs,” said Johnson. “With a focus on members’ small
business lending, credit unions can play a pivotal role in helping
to reinvigorate the U.S. economy.”
Johnson’s announcement today comes on the heels of the Small
Business Administration’s recently issued legal opinion to
authorize all credit unions to apply for participation in the 7(a)
guaranteed loan program.
President George W. Bush nominated JoAnn Johnson to a seat on
the NCUA Board and the U.S. Senate confirmed her nomination March
22, 2002. Johnson was elected to the Iowa Senate in 1994 where
she chaired the Senate Ways and Means Committee and the Senate
Commerce Committee. Johnson’s term on the NCUA Board will
expire in August 2007.
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, operates and manages the National
Credit Union Share Insurance Fund, insuring the deposits of more
than 80 million account holders in all federal credit unions and
the overwhelming majority of state-chartered credit unions.
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NOTE TO THE MEDIA:
A complete transcript of Vice Chair JoAnn Johnson's speech to
the Credit Union National Association's Governmental Affairs
Conference is available at www.ncua.gov/news/speeches/speeches_johnson.html. Photos are available by contacting Molly Schar at
703-518-6338 or mschar@ncua.gov.