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TORONTO – Reminiscent of the Sunday expeditions of her childhood, NCUA Chairman JoAnn Johnson has asked credit unions three vital questions: Where are we? Are we there yet? How much longer?

She urged credit union officials attending NAFCU’s Annual Conference to ask themselves, “Where are you as a credit union and are you where you expected to be by now?” Johnson said this is important to answering questions that have been asked by Congress as to how credit unions are earning their tax-exemption. She urged them to see the on-going data collection effort as an opportunity to explore how their particular credit union is doing and promised NCUA would be as unobtrusive as possible while completing the process. The chairman said the agency is on schedule to complete the process by the Office of Management and Budget deadline of Aug. 31, 2006. And just like kids asking “are we there yet?” even though the answer was evident by looking out the window, so too Congress is raising this question of serving people of modest means. “I don’t believe we’re at our destination. I don’t believe you’re at your destination.It’s an on-going journey-one I hope will last a long, long time,” Johnson commented. Included in that journey is increasing financial literacy and growing and retaining new members. She also discussed Bank Secrecy Act compliance and acknowledged the complexity of it. That is why NCUA will be offering a free Webinar on the issue and will be working with NAFCU and others to make it as easy and far-reaching as possible.

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