How did you go from teaching to politics?

I got volunteered. The man who ran the local elevator was very involved in Republican politics, and I was involved at the precinct level. I listened to Jim Ross Lightfoot on the radio, and when I heard that he was giving up radio to run for Congress, I went to my friend and said, “We have to support this guy.” He dug around in a trash can and found an invitation to a meet-and-greet at the Maid-Rite, so we went and heard him and Jim gave his spiel about why he was running for office and said he would appreciate our support and help. My friend said, “JoAnn will be glad to help with anything you need.” I eventually became his campaign manager.

So you stayed involved?

I never thought I would enter the political arena, but it wasn’t my first taste of public service. I had been very active in the community. I had been a 4-H leader and food pantry and all of the local groups, so I was accustomed to public service. Politics was an eye opener from the standpoint that it really takes work to do a job well. It takes work, but it is an honorable craft. I always told my 4-H kids to leave things better than you found them. I’m a firm believer in public service. … I ran for the state Senate in 1994 after managing my brother’s campaign for the Iowa House in 1992.

You don’t come unprepared to your new job.

I think my NCUA background has been invaluable. And when I was in the Senate, I served as the chairman of the Ways and Means Committee and the Commerce Committee. In that capacity, I had the opportunity to work with both the banks and the credit unions on legislation, and I had an understanding of some of the financial issues and the tax issues. And what I learned at NCUA was very good background.

What are the challenges that come with the job?

I am very fortunate because I came into a position where I don’t have any crisis to deal with. When you do a comparison with all credit unions in the nation, Iowa stands right at the top. We have a very good examination team. When I was at NCUA, I always got high remarks from the staff that would go in on joint exams with the Iowa examiners and I always had good reports back. Now that I’m on this side, I can understand why. Getting to know my examiners, they are a small team but they do good work.

Where do you stand on legislation that allows lenders to run a raffle for people who open savings accounts?

I’m not opposed to the raffle. There is a financial crisis in family budget management. A couple of years ago, we had a negative savings rate for the first time since World War II. I served on the federal Financial Education and Literacy Commission for about five years, and I think that’s a looming problem for a lot of folks, not getting their savings plans and retirement plans started early enough. No one loses in this (raffle) program; there is no gambling; everybody is going to be a winner because they’re starting to save and getting that interest built up.

Are there other issues looming out there?

I think the NCUA is going to be taking a closer look at interest rate risk. That will be for all federally insured credit unions. We do joint exams (with the NCUA) on about a fourth of our institutions, so since interest rate risk will be a greater risk for their exams, it will be for ours as well. Interest rates have been low for so long … as those rates bump up, you need to be prepared. The credit unions will be asked to have a policy in place on interest rate risk.

What do you do for recreation?

Grandkids. I’m a quilter and I like to golf and I like to garden. Our son has 3-year-old twins. They’re the story of my life. Seeing things through their eyes now is so much fun. I know now why I had my kids in my 20s. We keep them every week for a night or two, and when they go home, we’re exhausted. They’re a real treat. You have more time for them than you did for your own kids when they were growing up. So we spend a lot more time reading and playing and with puzzles than we did when we were parents.