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Johnsons last meeting sees broad agenda of issues
ALEXANDRIA, Va. (7/18/08)—Presiding over her last agency open meeting, National Credit Union Administration (NCUA) Chairman JoAnn Johnson next week will guide her board through discussions of a broad array of topics. Slated for the July 24 meeting are a report on the state of the federal share insurance fund, action on a proposed definition change under prompt corrective action (PCA) rules, and a decision whether or not to pursue design of a new agency seal. The National Credit Union Share Insurance Fund (NCUSIF) accounting is not likely to hold major surprises. Earlier this week Johnson released mid-year data indicating the fund stands strong with an equity ratio estimated at 1.24% for June 30. The NCUA Board will also consider whether to adopt its proposed guidance on provisions in the Federal Credit Union Act that prohibit persons convicted of criminal offenses from participating in the affairs of a federally insured credit union. Federal bank and thrift agencies have provided guidance to their regulated financial institutions on the prohibitions and NCUA is considering following suit. A final item to be considered; a request from Horizon One FCU to convert to a community charter. Horizon One CEO Ann Garmon confirmed Thursday that the agenda item refers to her Indianapolis, Ind. credit union. Horizon One has almost $68 million in assets and 11,347 member. “I am really pleased to be able to be on this agenda. We have worked long and hard to get there,” Garmon said. The credit union currently has a multiple group membership, primarily involving transportation equipment. On the topic of NCUA chairmen, although board member-designate Michael Fryzel met with Johnson and senior NCUA staff during a two-day visit to Washington this week as part of his preparation for assumption of the NCUA chairmanship later this month, the agency said he is not expected to attend next week’s meeting. An agency spokesman said that Fryzel’s swearing-in date has not been finalized, but it will be before the end of July.
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