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Chairman Johnson Visits Treasury Department to Discuss Direct Deposit

Letter to Credit Unions Highlighted at Meeting with U.S. Treasurer Cabral and Assistant Secretary for Financial Institutions Emil W. Henry, Jr.

June 13, 2006, Alexandria, Va. – National Credit Union Administration (NCUA) Chairman JoAnn Johnson met with U.S.Treasurer, Anna Escobedo Cabral and Emil W. Henry, Jr., Assistant Secretary for Financial Institutions in the Grant Room at the U.S. Department of Treasury. The Grant Room was named after President Ulysses S. Grant, who hosted his Presidential Inaugural Ball inside the historic Treasury Building.

Chairman Johnson was invited to discuss NCUA’s June, 2006 Letter to Credit Unions, which encourages credit unions to participate in Treasury’s GoDirect campaign. GoDirect ensures that citizens will receive their federal benefits without interruption. Credit unions can partner with the GoDirect campaign and receive more information by visiting www.GoDirect.org and by calling toll-free: (800) 333-1795.

“NCUA and Department of Treasury have a very strong working relationship that benefits credit union members across America,” said Chairman Johnson. “I was very pleased to visit Treasurer Cabral and Assistant Secretary Henry today to discuss how credit unions are doing their part to prepare for hurricane season and other emergencies by offering direct deposit to their members through the GoDirect campaign.”

Across the United States, approximately 12 million citizens continue to receive federal benefit payments by paper check, which increases the risk of interrupted payment in the event of an emergency. In the aftermath of hurricanes Katrina and Rita, the Treasury Department and the Social Security Administration (SSA) made the distribution of benefit checks to recipients who were displaced by the hurricanes a priority. Those who were using direct deposit received prompt access to their payments.

“Direct Deposit is a practical way for Americans to protect their financial well being,” said Chairman Johnson. “We learned from last year’s hurricanes that it is important for members to have access to federal benefit payments and other financial services in the event of being displaced by a hurricane. GoDirect will help ensure that Americans will be in control of their finances when they need it the most. I encourage all credit unions, especially those who are traditionally affected by hurricanes, to tell their members about GoDirect and facilitate their participation in this valuable program.”

The National Credit Union Administration is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of nearly 85 million account holders in all federal credit unions and many state-chartered credit unions. NCUA operations are funded by credit unions, not tax dollars.