People Lining Up to Congratulate Johnson on NCUA's Chairmanship; Still a Two-Person Board

ALEXANDRIA, Va. – Everyone from Senator Charles Grassley (R-Iowa) to now-former NCUA Chairman Dennis Dollar to trade association officials have lined up to welcome JoAnn Johnson to the NCUA chairmanship. Senator Grassley praised President George W. Bush’s choice of a fellow Iowan for the NCUA chairmanship. “JoAnn’s leadership will be of great benefit to the National Credit Union Administration. She has served Iowa well in the state legislature and has been a significant contributor in her current position on the board,” Grassley said. “The President realizes that we have outstanding people in Iowa who will bring good, common-sense approaches to these prominent positions.” Johnson is from Adel, Iowa. Outgoing NCUA Chairman Dennis Dollar relayed his confidence in Johnson’s abilities as chairman as she plans to continue empowering America’s credit unions. He had strongly recommended her to the White House for the post. “I could not be more pleased that President Bush has chosen JoAnn Johnson to lead NCUA into its next era.She has been a strong regulator and an extremely effective leader as the Board’s Vice Chair,” Dollar said of his fellow Republican. “As my service as NCUA Chairman comes to an end, knowing the next agency head will be someone of JoAnn Johnson’s integrity and professionalism gives me great confidence that the strong safety and soundness position of America’s credit unions and their long term viability as a financial option for their members will continue,” he continued. Fellow NCUA Board Member Debbie Matz said of Johnson, “I have all the confidence in the world she’s going to be a terrific chairman.” She described her as bright and intelligent. Of her own appointment, Johnson said she is “truly honored by President Bush’s strong support and confidence in my leadership. The President recognizes the importance of the NCUA as an effective safety and soundness regulator. As we move forward, I look forward to continuing the productive relationship with my board colleagues and the agency’s management team.” As vice chair, Johnson had championed initiatives such as providing greater access to credit union member business lending services, broader financial education as part of Access Across America, and greater efficiency in agency operations. She plans to maintain this focus, as well as pursuing risk-based capital for credit unions and maintaining a risk-focused regulatory approach. “As Chairman, I will continue the course of empowering America’s credit unions with a regulatory environment that recognizes the ever-changing financial services industry,” said Johnson. “I share the President’s strong belief that America’s credit unions should have an effective, not an excessive regulator.” The credit union trade associations were sure pleased with the news. “JoAnn Johnson has distinguished herself as an active, involved vice chairman of the NCUA Board, proving herself a quick study of credit unions, their issues and the value of reasonable regulation for them,” CUNA President and CEO Dan Mica said. “We look forward to working with Ms. Johnson in the future as she assumes the chairmanship.” NAFCU President and CEO Fred Becker congratulated Johnson on her designation. “She has been on the NCUA Board for more than two years during which time she has been a key contributor to regulations of vital importance to the credit union community. It has been a pleasure to work with JoAnn Johnson first as board member and now as Vice Chair and we look forward to strengthening that relationship on behalf of the credit union community as she takes the reigns of NCUA.” Next Step At this point, no one has been named as Dollar’s successor to the board, though he feels the administration is close. Still the Senate confirmation process could take some time, particularly in a presidential election year. Dollar predicted NCUA will probably have a two-member board-one Republican and one Democrat-for a few months, but that will not paralyze the agency with Johnson and Democratic Board Member Matz running things. Matz also did not see the temporary two-member board as a problem. “We have some common goals and of course the overriding goal is keeping credit unions safe and sound,” she stated. Johnson extended her “sincere appreciation to Chairman Dollar for his outstanding leadership” on his departure. “I know the agency is much more efficient and effective because of his superb service. We will not waiver. We will continue to build on that success with vision for the future of America’s credit union system,” she said. Johnson was confirmed to the NCUA Board March 22, 2002 by the U.S. Senate. She had previously been given a recess appointment Jan. 22, 2002 and had been nominated to the seat Nov. 27, 2001. Johnson was named NCUA Board Vice Chair in January 2003. [email protected]