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Chairman Johnson Shares Recommendations With President’s Identity Theft Task Force

Alexandria, VA, September 27, 2006 - National Credit Union Administration (NCUA) Chairman JoAnn Johnson met recently with senior Administration officials to share recommendations with the President’s Identity Theft Task Force. Based upon these recommendations, the Task Force will deliver a final strategic plan to President Bush in early November.

During a September 19 Task Force meeting, Chairman Johnson joined U.S. Attorney General Alberto Gonzalez; Clay Johnson III, Deputy Director of the White House Office of Management and Budget, Michael Chertoff, Secretary of the Department of Homeland Security, Carlos M. Guiterrez, Secretary of Commerce; and other senior government officials to discuss recommendations to the President in key areas, including:

• Improving government handling of sensitive personal data;
• Improving authentication methods of individual’s identity;
• Victim assistance
• Law enforcement initiatives.

NCUA will continue its work in contributing to government-wide enhancements of identity theft prevention. Further details regarding the Task Force’s final strategic plan will be made available after delivery to the President in early November. 

President Bush signed an Executive Order on May 10, 2006 to establish the Task Force for the purpose of strengthening federal efforts to protect against identity theft. The Order provides that it will be co-chaired by the U.S. Attorney General and the Chairman of the Federal Trade Commission. Task Force membership includes representatives from Executive branch departments as well as representatives from all of the federal financial regulatory agencies. For more information on the President’s Identity Theft Task Force, please visit the White House website at: http://www.whitehouse.gov/news/releases/2006/05/20060510-6.html

“Protecting the financial data and identity of credit union members is a priority for NCUA,” stated Chairman Johnson. “President Bush has directed NCUA and other Executive Branch entities to develop tangible and practical methods to deal with this unfortunately expanding problem. I look forward to continuing our work, and to making certain that the credit union industry is well prepared as we move forward."

Identity Theft and consumer protection will be a key panel discussion during NCUA’s upcoming Access Across America summit in Norfolk, Virginia on October 3. To view the Agenda and to register please visit the NCUA website at: http://www.ncua.gov/Norfolk/index.htm The panel will feature experts from NCUA, Department of Justice, and the credit union community to discuss the most current identity theft issues facing credit unions. “Education and literacy are absolutely essential in order to meet the challenges facing us today in the ever changing financial marketplace,” said Chairman Johnson. “I look forward to the Access Across America summit as another way NCUA can work together with credit unions to help President Bush achieve his goal of protecting the financial well beings of all Americans.”

The National Credit Union Administration 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 85 million account holders in all federal credit unions and the majority of state-chartered credit unions.