Statement of NCUA Chairman Dennis Dollar Announcing His Resignation Effective April 30, 2004

March 31, 2004

Washington, DC-"Today I submitted to President Bush my resignation as Chairman of the National Credit Union Administration Board effective April 30, 2004. Having served over a year past the official end of my term, I feel the timing is right for me and my family that I transition from NCUA to the next chapter of my professional life. I look forward to whatever opportunities the future may hold and leave NCUA with a satisfaction that we have accomplished much for both our agency and the credit unions we regulate and insure.

Credit unions are safer, sounder, stronger and better positioned for their future in a dynamic financial marketplace than at any time in their history. NCUA is a more effective, efficient and respected agency at the close of my tenure than it was at the beginning. I am convinced that, with the support of the NCUA Board and the agency's leadership, we have risen to the challenge to leave both the credit union community and NCUA stronger than we found them.

From the successes of RegFlex, Access Across America and AIM to the regulatory enhancements that have provided more diversification options for credit unions in their fields of membership, incidental powers, member business lending and investments, the past three years have been both substantive and significant at NCUA. One reason that it has been so difficult to make the decision to leave, even though my tenure has extended well past the end of my term, is my support for the vital role a safe and sound credit union system plays in our nation's economy and my respect for the crucial role NCUA plays in ensuring that safety and soundness. I have worked hard to contribute to making both credit unions and NCUA better at what they do. Looking back at my almost seven years on the Board and over three as Chairman, I leave this position with a feeling of satisfaction.

I am deeply appreciative for President Bush's vote of confidence to designate me as NCUA Chairman in 2001, as well as the support I have received from Congress and other federal agencies during my tenure on the NCUA Board. In addition to my Board colleagues, my appreciation is also extended to my chief of staff Kirk Cuevas, the NCUA leadership team and staff, our state supervisory authority partners, and the credit union community for the opportunity to work with them to make a positive difference for the over 84 million Americans who depend on America's credit unions on a daily basis. It has been an honor to serve."

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