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Chairman Johnson Briefs Senator Akaka

July 12, 2006, Alexandria, Va. – National Credit Union Administration Chairman JoAnn Johnson briefed Hawaii Senator Daniel K. Akaka yesterday on recent NCUA regulatory developments and notified him of several Community Development Revolving Loan Fund (CDRLF) grants in Hawaii.

The two discussed NCUA’s financial literacy initiatives, many of which dovetail the Senator’s legislative proposals on the issue.

Chairman Johnson also outlined NCUA’s new field of membership rule change and the need for remedial legislation that would enable credit unions to resume outreach to low- income areas. 

The six CDRLF grants awarded in Hawaii are part of the first round of a Building Internal Capacity Initiative designed to provide funds for projects that improve the overall operation or financial condition of credit unions and enable better service to members. 

NCUA’s Office of Small Credit Union Initiatives is distributing 48 grants totaling $150,000 to credit unions across the country in the first round of this initiative and has distributed 121 grants totaling $295,489 to credit unions thus far in 2006.
   
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 most state-chartered credit unions. NCUA is funded by credit unions, not tax dollars.