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Fryzel to La. league AACUC CUs help in hardship
NEW ORLEANS (8/9/11)--Credit unions were designed to help people--particularly during tough financial times, National Credit Union Administration (NCUA) Board member Michael E. Fryzel told the Louisiana Credit Union League. Fryzel spoke at the league’s annual meeting and convention in New Orleans Thursday, and the African American Credit Union Coalition Friday. He provided his outlook for the credit union industry and NCUA’s role within it. People look to Louisianans for inspiration, he said, citing the many natural disasters Louisiana has faced recently and how credit unions helped people get through them. “Credit unions were made to help people, and most especially in times of hardship. When it is time to join the sandbag line, credit unions band together in tough times and are there for their members,” he said. “Louisiana serves as a great example of triumph over hardship, and its credit unions continue to aid in helping their members overcome their own economic hardships as our country continues to move forward.” Fryzel also updated attendees on the industry’s corporate credit union crisis and its resolution status. “We are successfully working through the corporate problem, assisting those credit unions that have been impacted severely by the mortgage crisis and seeing our nation’s credit unions maintaining their focus on helping their members in every way they can,” he said. He gave kudos to the league and coalition for their efforts to reach out to prospective members, educate their communities about the benefits of credit unions and basic financial literacy, and expand outreach--particularly to minorities--for prospective employment opportunities with credit unions. “There is immense work to be done, and I believe that in certain communities, we have only begun to scratch the surface,” he said. “NCUA will work with you in your efforts to improve the financial lives of persons who need better knowledge and skills to help move themselves financially forward,” he added. Despite challenges, credit unions have a bright future. “We would all like to see the economy stronger and growing faster but, [with] the direction going the right way,” Fryzel said. “Delinquencies are declining, bottom lines are improving, and the corporates are regaining their health.”
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