Dollar Touts NCUA's Accomplishments in 2002 and Looks Forward to 2003

HARTFORD, Conn.-Speaking before the Connecticut Credit Union Association’s Government Affairs Conference last week, NCUA Chairman Dennis Dollar reflected on 2002′s accomplishments and challenges for the year ahead. Among the list of accomplishments for the agency and credit unions during 2002 were the record-breaking 23.5 million new potential members added by adopting underserved areas; strong asset growth and net worth; RegFlex was implemented; proposing a field of membership update; fully implementing the flexible examination schedules and risk based examination; updating the corporate credit union rule; Dollar represented the credit unions at the White House Conference of Minority Homeownership; shrinking the agency budget and conducting the 2nd Annual Budget Briefing and Public Forum; reducing staffing levels without layoffs; closing a regional office and relocating another; and reducing the operating fee for federal credit unions 2.13%, among other things. “We look forward to the year 2003 enabling us to embark on the ongoing challenge of holding our standards high even as we facilitate to continue credit unions’ historically strong performance, both financially and in member service,” Dollar said. “Although the regulator and the regulated have areas of necessary disagreement at times, I believe NCUA can be an agent of regulatory empowerment even as we maintain the high standards of safety and soundness which have been our hallmark. That is my priority in 2003.to see credit unions perform for their members at the highest levels possible, both in their own financial performance as well as in meeting the financial services needs of their members from all walks of life. We will be vigilant as guardians of safety and soundness, even as we are empowering in our regulatory approach to the extension of credit union services to more Americans.”