ALEXANDRIA, Va.-NCUA Chairman Dennis Dollar is finally pullingthe plug on his time at the head of the federal credit unionregulatory agency. As of the close of business April 30, more thana year over his allotted six-year term on the NCUA Board, Dollarwill leave the agency. He submitted his letter of resignation tothe White House March 31. “Mr. President, the highlight of myprofessional career came with the vote of confidence you expressedin me in 2001 when you designated me to serve as NCUA Chairman,”Dollar wrote in his letter of resignation. “I am convinced that theregulator approach implemented by the NCUA during my tenure asChairman has been extremely successful and reflects positively onyour philosophy of building an effective regulatory program thatallows earned flexibility when the marketplace requires it withoutlowering the essential standards necessary for peak performancefrom a safety and soundness perspective.” In the letter, heexpressed his gratitude for being able to serve at the agency andreflected upon successful agency initiatives during his tenure.While at NCUA, Chairman Dollar spearheaded the RegFlex program,which allows certain regulatory easements for those credit unionsthat have proven themselves worthy. He also initiated the AccessAcross America program to get more credit union service intounderserved and low-income areas. Finally, Dollar whipped theagency into better fiscal shape through the Accountability inManagement process that led to the reorganizing of the agency fromsix to five regions and trimmed central office operations. In anofficial statement to the public, Dollar stated, “Credit unions aresafer, sounder, stronger and better positioned for their future ina dynamic financial marketplace than at any time in their history.NCUA is a more effective, efficient and respected agency at theclose of my tenure than it was at the beginning. I am convincedthat, with the support of the NCUA Board and the agency'sleadership, we have risen to the challenge to leave both the creditunion community and NCUA stronger than we found them.” Dollarthanked the president for the opportunity to serve at NCUA over thelast nearly seven years and the last three-plus years as chairman.“Mere words cannot express my appreciation for the opportunity toserve your administration in this important capacity for America'sapproximately 10,000 credit unions and the over 84 millionAmericans who are the member-owners of these not-for-profitfinancial cooperatives that are so valuable to our nation'seconomy,” he wrote. In conclusion, Dollar wrote, “As I now departafter having served an additional year past the end of my officialterm, I want you to know how proud I am to have been a part of theBush Administration.” The chairman told Credit Union Times that heis “still exploring my options for my post-NCUA career, but I feltthe timing was right to leave at the end of April and start thetransition to the next part of my life.” He explained that hisfamily has been held “in limbo” for the last year since his termofficially ended. Dollar also said it was best for the agency if heleft now, rather than have a perpetual lame duck. “It's not goodfor an agency to have uncertainty at the top,” he explained. Theoutgoing chairman indicated that a vacancy at such a small boardcould put greater emphasis on filling the spot as opposed to alarger board. NCUA is also not a highly partisan issue amongSenators, which could speed things up, he observed. He added, “Iwould love to stay in credit unions if the best opportunity for myfamily is in credit unions.” Dollar added that he has told theWhite House he is not interested in another political appointmentat this time and is most likely to return to the private sector forhis next career. The White House seems very near deciding on anominee to replace him on the board and presenting that person tothe Senate, Dollar said. However, the process is still likely totake several months and it would probably have to be paired with aDemocratic appointment. A call to the White House revealed, “We donot speculate on personnel matters and we will let you know when wehave something to announce.” Fellow Republican, and according toseveral sources likely next NCUA Chair, Vice Chair JoAnn Johnsonsaid of Dollar's departure, “Chairman Dollar has been a greatleader for the NCUA and America's credit unions. I do understandand respect the chairman's decision. As we move forward, we willcontinue with the vision and commitment to maintain a strong, safeand sound credit union system. I know the President's staff isdiligently working on the NCUA Board appointment and we lookforward to the board being solidified soon.” NCUA Board MemberDebbie Matz also had kind words for the departing chairman. “I havebeen very privileged to serve with him as chairman,” she said. “Hehas been an extraordinary chairman by any measure.” She thanked himfor his support of her Partnering and Leadership Successes programand his leadership abilities. As far as an incoming board member,Matz pointed out that though there is a moratorium on judicialrecess appointments, the president still has that option for theNCUA Board. The credit union trade associations also thankedChairman Dollar for all his hard work at the agency. CUNA Presidentand CEO Dan Mica said, “.Chairman Dollar has been an energetic,innovative and thoughtful regulator of credit unions. While he hasconsistently placed above all else his role as a protector of thepublic interests in credit unions, he has also exhibited a keentalent for listening to credit unions about the impact ofregulation on their operations and service to their members.” Headded CUNA's appreciation for making the agency more efficient andopening up its budget process. Mica also said he is hopefulDollar's successor will be named shortly. “We owe him a great dealof gratitude,” NAFCU President and CEO Fred Becker said. ChairmanDollar has exhibited “unswerving commitment” to credit unions'safety and soundness and continued credit unions' perfect record ofnot costing taxpayers a dime, he said. Becker said he toounderstands that the White House recognizes the importance ofcredit unions and having a full board at NCUA. Dollar's departureshould “put further emphasis” on naming a replacement, hespeculated. NASCUS President and CEO Mary Martha Fortney recalled,“I told him yesterday, I think he's made a real difference at NCUAand to credit unions.” She stated that he “understands therelationship between federal and state regulators” for which NASCUSwas grateful. For example, Fortney explained, “He was instrumentalin removing the `substantially similar' language from the memberbusiness lending rules.” He understood that the states could havedifferent rules without added risk. [email protected]