PRESS RELEASE

August 12, 2007

Reynolds Begins Term as NASCUS Chairman; State Regulators Re-elected to Board of Directors

Fort Lauderdale, FL. — New NASCUS Chairman George Reynolds (GA) took office at the NASCUS Annual Meeting August 10 signaling the beginning of his two-year term.

Reynolds, senior deputy commissioner of the Georgia Department of Banking and Finance, was elected to the NASCUS Board of Directors in 2006. He follows Linda Jekel, director of the Washington Division of Credit Unions, who served as chairman for the past two years.

“I am honored and enthusiastic about serving as the NASCUS chairman. Under the excellent leadership of Linda Jekel of Washington state, NASCUS has achieved many goals and strengthened its position as the leading advocate for the state system,” said Reynolds. “As Chairman, I plan to build on our recent accomplishments and continue the important efforts to enhance the safety and soundness of the state credit union system.”

As Chairman, Reynolds is focusing on efforts to maintain the viability and competitiveness of the state charter as well as successfully combat federal preemption and other challenges. Further, he believes that NASCUS must continue its role of educating federal policymakers about state authority and the dual chartering system. Reynolds also plans to promote the positive benefits of interstate agency cooperation as well as dialogue between state and federal regulators.

In addition to welcoming Reynolds, NASCUS President and CEO Mary Martha Fortney recognized the achievements of Immediate Past Chairman Jekel at the 2007 Annual Meeting. “Linda has worked tirelessly to advance NASCUS’ goals during her chairmanship,” said Fortney. “Her dedication to NASCUS and the state credit union system was clearly demonstrated during her active and successful term as Chairman. NASCUS looks forward to continuing to work with Jekel and benefiting from her insightful and informed perspective on the issues facing the state system.”

Also at the 2007 Annual Meeting, three positions were filled on the NASCUS Board of Directors. NASCUS regulators re-elected Tom Candon (VT) and Linda Jekel (WA) to three-year terms, and elected Suzanne Cowan (WI) to her first three-year term. In addition, NASCUS Chair Reynolds appointed Harold Feeney (TX) to a one-year term on the NASCUS Board. Board officers were also determined on August 10: Candon is the Chairman-elect and Feeney fills the role of the Secretary/Treasurer.

Candon, Cowan, Feeney, Jekel and Reynolds join NASCUS Board members Elizabeth Dooley (CA), and James Forney (IA), Jerrie Lattimore (NC) and Roger Little (MI).

Information Contact:
Kate Hartig, Director of Communications, (703) 528-0669 or kate@nascus.org

The NASCUS mission is to enhance state credit union supervision and advocate a safe and sound state credit union system. Founded in 1965, NASCUS represents all 48 state and territorial credit union supervisors and the NASCUS Credit Union Advisory Council, which is made up of nearly 500 of the nation's more than 3,400 state-chartered credit unions.