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121423 1 (1983-05-24)

handle is hein.gao/gaobactao0001 and id is 1 raw text is: 



              UNITED STATES GENERAL ACCOUNTING OFFICE


                      WASHINGTON, D.C.  20548


                                                FOR RELEASE ON
                                                DELIVERY EXPECTED
   121423
                                                MAY 24, 1983


                           STATEMENT OF
                    J.  DEXTER PEACH, DIRECTOR
     RESOURCES, COMMUNITY, AND  ECONOMIC DEVELOPMENT DIVISION


                           BEFORE THE
             SUBCOMMITTEE ON  FINANCIAL INSTITUTIONS
          SUPERVISION, REGULATION AND  INSURANCE OF THE
      HOUSE COMMITTEE ON BANKING,  FINANCE AND URBAN AFFAIRS


                               ON


             THE NATIONAL CONSUMER COOPERATIVE BANK


Mr. Chairman and Members of the Subcommittee:


     We appreciate the opportunity to be here  today to discuss
our review of selected matters concerning  the National Consumer
Cooperative Bank.,


     The Bank, established by the National Consumer Cooperative
Bank Act (12 U.S.C. 3001 et. seq.)  in August 1978 to provide
financial and technical assistance to consumer, housing, and
producer cooperatives has had a turbulent history.  Within a
year from the date the Bank made its first  loan and before its
regional offices were fully operational, the Administration
moved to abolish it.  The Congress in amendments to the act
dated August 13, 1981, chose to convert the Bank from a mixed
ownership government corporation to a congressionally chartered
financial institution and transferred control of the Bank from


19-62-ew' -- / we i I CA

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