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NCUA Emphasizes Consumer Protection at Event on Capitol Hill

February 9, 2007, Alexandria, Va. –Representatives from the National Credit Union Administration’s (NCUA) Office of Public and Congressional Affairs answered questions and distributed materials regarding consumer protection to interested Members of Congress and their staff at an event on Capitol Hill yesterday. NCUA was joined by several other federal agencies and consumer groups at the event, which was part of National Consumer Protection Week.

President George W. Bush proclaimed February 4 through February 10, 2007, as National Consumer Protection Week. In addition, the U.S. House of Representatives passed H. Res. 94 which recognizes the importance of this week in order to raise awareness of consumer protection options among Americans. Consumers and businesses can find resources on how to avoid identity theft and fraud by visiting the Federal Government's consumer protection website, www.consumer.gov

Earlier this week, Chairman Johnson released the following statement regarding the importance of consumer protection:

"From making sure that fair and full disclosures occur during a credit union conversion, to working with credit unions to provide alternatives to predatory lending practices, to leading efforts to promote financial education as a way to create a real and practical understanding of how personal finance works, NCUA is at the forefront of national efforts to protect America's consumers. We appreciate Congressional recognition of this vital public policy initiative as we move forward to empower consumers through better disclosures, better education, and better choices."

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.