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Chairman Johnson Observes Hurricane Katrina Recovery Effort in Louisiana, Attends Financial Literacy Graduation

December 20, 2006, Alexandria, VA – National Credit Union Administration (NCUA) Chairman JoAnn Johnson spent the last three days in Louisiana, traveling through areas recovering from Hurricane Katrina, and meeting with credit unions affected by the storm. Chairman Johnson also attended a financial literacy graduation ceremony.

On Monday, Chairman Johnson traveled throughout hurricane damaged areas of the New Orleans metropolitan area, while visiting with officials from St. Bernard Parish School Board Employees Federal Credit Union and Barbers & Cosmetologists Credit Union, both of which were affected by Hurricane Katrina. Chairman Johnson’s visit was guided by Anne Cochran, Louisiana Credit Union League CEO, and covered nearly 80 miles.

“Even though more than a year has passed since Katrina devastated this area, the visible impact of the storm is still unimaginable,” said Chairman Johnson. “Despite the great task of recovery that lies ahead, the spirit of the community is truly inspiring. Nowhere is the heroic and courageous spirit more evident than in the credit union community affected by the storm. I was honored to witness firsthand how credit union officials and volunteers are truly embodying the ‘people helping people’ philosophy by keeping their institutions operational so their members can continue to depend upon them. As these communities rebuild their lives, their credit unions have been by their side.”

On Tuesday, Chairman Johnson, at the invitation of John Milazzo, President and CEO of Campus Federal Credit Union, participated in a graduation ceremony for a financial literacy school sponsored by the credit union, in cooperation with Louisiana State University (LSU), in Baton Rouge. Nearly a year ago, Campus FCU met with Human Resource officials from LSU to discuss offering financial literacy classes to employees. The graduation ceremony acknowledged eighteen individuals who enrolled and completed the course. Course material ranged from savings and investing; checking; establishing and building credit; reviewing a credit report; and homeownership. After the graduation, Chairman Johnson met with local credit union officials and volunteers at a dinner hosted by Campus FCU.

“This financial literacy school is an excellent example of how America’s credit unions display innovation in the vital task of educating their communities to make sound financial decisions. I commend Campus FCU for partnering with LSU, one of America’s finest institutions of higher learning, to deliver these tools and resources to assist individuals in their goal of achieving financial security.”

Chairman Johnson concluded her visit to Louisiana by meeting with New Orleans credit union officials and volunteers at a luncheon hosted by the Louisiana Credit Union League.

NCUA charters and supervises the nation’s federal credit unions, and with the backing of the full faith and credit of the U.S. government NCUA also operates and manages the National Credit Union Share Insurance Fund, insuring the accounts of over 85 million account holders in all federal credit unions and the majority of state-chartered credit unions. NCUA is funded by credit unions, not tax dollars.