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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release January 3, 2001

PRESIDENT CLINTON NAMES YOLANDA TOWNSEND WHEAT AS CHAIR OF THE NATIONAL

CREDIT UNION ADMINISTRATION

President Clinton today announced his intent to appoint Yolanda Townsend Wheat to serve as Chair of the National Credit Union Administration (NCUA).

Ms. Yolanda Wheat, of Kansas City, Missouri, has served on the NCUA Board since April 1996. Ms. Wheat has specialized in the areas of banking and corporate law since 1986. From 1993 to 1995, she was an attorney with the Kansas City, Missouri law firm of Smith, Gill, Fisher & Butts where she represented financial institutions in corporate and municipal finance transactions and served as bond counsel to numerous transactions. Previously, she was an attorney with the Washington, D.C. law firm of Counts & Kanne, where she represented pension funds of the International Brotherhood of Electrical Workers on all matters, including multi-million dollar real estate transactions. Mrs. Wheat also was an attorney with the law firm of Morrison & Foerster from 1986 to 1992, where she represented commercial lending institutions for secured and unsecured transactions, permanent financing and workouts.

Ms. Wheat received her B.A. in International Relations from Stanford University in 1983, and earned her J.D. from Harvard Law School in 1986.

The management of the National Credit Union Administration is vested in its board of directors, whose responsibilities include managing the Central Liquidity Facility, a mixed-ownership government corporation whose purpose is to supply emergency loans to member credit unions. Additionally, the Board analyzes fail-safe mechanisms within the credit union industry to protect the creditworthiness of the industry.

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