NCUA Modest Means Service Study Expected in 2006

ALEXANDRIA, Va.- NCUA Chairman JoAnn Johnson announced last week that the agency’s working group on analyzing credit union service to those of modest means is making progress on the lack of documentation. In response to the House Ways and Means Committee tax hearing in Nov. 3, Johnson has asked the group to expand the scope of the study into three areas: transparency, establishing a definition of modest means, and data gathering to demonstrate service to this sector of consumers. NCUA’s working group was formed after a Government Accountability Office study in 2003 that focused on credit unions’ mission of service. “The NCUA has a responsibility to examine these issues to the fullest extent,” Johnson said. “I am pleased with the progress of the working group and look forward to a report as soon as possible in 2006.” NCUA Director of External Affairs Nicholas Owens said the agency would not provide any further details on the data to be collected or other related matters until the report is complete.