NCUA Vice Chair Johnson: CU MBL Can Help Boost American Economy

OVERLAND PARK, Kan.-NCUA Vice Chair JoAnn Johnson told the Kansas Credit Union Association's governmental affairs luncheon that credit unions have a crucial role in boosting the nation's economy. As a Republican-appointee to the NCUA Board, Johnson said the president's jobs and economic growth plan "removes unnecessary barriers and will strengthen the economy by allowing Americans to keep more of their own money to spend, save, and invest - creating jobs. This growth plan also presents an excellent opportunity for credit unions to continue encouraging members of the value of saving and financial counseling, as members can also decrease their personal debt while improving their overall financial outlook." Congress is expected to continue its look into President George W. Bush's tax plan this week. "By becoming a financial partner for your credit union members, those who are entrepreneurs, whether launching a new small business or growing a business by adding employees to their payroll, credit unions can truly help create jobs and spur economic growth in America today," Johnson, one of NCUA's leaders on business lending, said. "The Bush Administration is aware of the growing role of credit unions as not-for-profit financial institutions in helping the small business owner who is just starting out or expanding a product or service line and increases the demand for goods and services." Johnson commended the credit unions currently engaged in member business lending and encouraged credit unions to "consider the opportunities for developing a member business lending program."