NCUA Chairman Dennis Dollar’s
Statement
Regarding the President’s Budget
Washington, February 4, 2003 – National Credit
Union Administration Board Chairman Dennis Dollar issued the following
statement today regarding the President’s 2004 Budget.
"The President’s 2004 budget released on Monday reflects
that this administration is deeply committed to strengthening our economy
and providing opportunities for people from all walks of life to attain
the American Dream, whether it is access to affordable financial services
or becoming a new homeowner. Credit unions can play a significant role
in helping their members take advantage of these opportunities. I have
long been an advocate of budget efficiency and strengthened program
performance from all federal agencies. I am pleased that the President
has included an additional $1 million for NCUA’s Community Development
Revolving Loan program. This program, along with its technical grant
component, has made a positive difference for hundreds of small, low-income,
community development and faith-based credit unions over its twelve-year
history. Regarding the Treasury Department’s important CDFI program
which likewise benefits a significant group of credit unions, I am
pleased that funding is continuing despite many rumors that the program
might not be funded at all in 2004. Although good men and women may
differ as to the proper CDFI funding level, the program seems destined
to live on and the appropriate funding level will be worked out between
Congress and the administration. I am pleased to see this program survive
among the tough funding priorities included in this budget. In addition,
I want to encourage credit unions to take a look at the many initiatives
the President has announced in this 2004 budget, including increased
funding for mortgage lending initiatives and financial counseling,
as well as innovative homeownership programs – all of these truly
support America’s credit unions’ heartbeat of service and
continues to be consistent with NCUA’s Access Across America
initiative.”
-NCUA Chairman Dennis Dollar
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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