DATE:       April 2002                                                   LETTER NO.:  02-CU-07

TO:            Federally Insured Credit Unions

SUBJ:         Financial Trends in Federally Insured Credit Unions
January 1, 2001 to December 31, 2001

ENCL:        Financial Trends in Federally Insured Credit Unions
January 1, 2001 to December 31, 2001

DEAR BOARD OF DIRECTORS:

Enclosed is a report highlighting credit union financial trends for 2001.  We based our analysis on data compiled from the year-end 2001 call reports submitted by all federally insured credit unions.  This information is provided to keep you informed of current conditions and trends in the credit union industry.

Thank you for your cooperation in providing this data.

                                                                        Sincerely,

                                                                           /S/

                                                                        Dennis Dollar
                                                                        Chairman

Enclosure

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