NCUA Chairman Dennis Dollar Statement
Regarding Vice Chair JoAnn Johnson Being
Designated New NCUA Chairman Effective May 3
Alexandria, VA, April 30, 2004 – President George W. Bush has
announced that he has designated NCUA Vice Chair JoAnn Johnson to Chair
the NCUA effective May 3, following the departure of current NCUA Chairman
Dennis Dollar at the close of business on April 30. NCUA Chairman Dennis
Dollar issued the following statement regarding the President’s
designation of Vice Chair Johnson to the NCUA Chairmanship:
“I could not be more pleased that President Bush has chosen
JoAnn Johnson to lead NCUA into its next era. The President has made
an excellent choice. During my time serving with Senator Johnson on
the NCUA Board, the two of us have worked closely on important safety
and soundness issues and risk management initiatives. She has been
a strong regulator and an extremely effective leader as the Board’s
Vice Chair. I am confident that she will move seamlessly to her new
role as Chair and will continue to make a real difference for both
NCUA and America’s credit unions.
As my service as NCUA Chairman comes to an end, knowing the next agency
head will be someone of JoAnn Johnson’s integrity and professionalism
gives me great confidence that the strong safety and soundness position
of America’s credit unions and their long term viability as a
financial option for their members will continue.
I heartily congratulate incoming Chairman Johnson and look forward
to the many positive contributions I know she will make towards the
long term safety and soundness and viability of the credit unions NCUA
regulates and insures.”
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 80 million account holders in all federal credit unions and
the overwhelming majority of state-chartered credit unions.
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