Credit Union Development Initiatives

DEAR BOARD OF DIRECTORS:

Enclosed is NCUA’s credit union development program and activity report for calendar year 2002. We are pleased to report that the agency’s initiatives to facilitate the efforts of credit unions to expand their membership base and provide access to low-cost financial services and products are achieving impressive results.

Among the numerous programs incorporated within the agency’s Access Across America initiative are the Small Credit Union Program and Low-Income Credit Union Program. These programs, as well as the agency’s efforts to facilitate partnerships, are designed to foster business development of credit unions and to create economic empowerment for people from all walks of life by providing access to affordable credit union services and products especially in underserved neighborhoods and communities.

I encourage you to consider the potential benefits the programs described in the attached report may provide your credit union and its surrounding community.