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News Now

Washington
Fryzel NCUA will remain independent
PINEHURST, N.C. (6/16/09)—Chairman Michael Fryzel of the National Credit Union Administration (NCUA) said his agency believes the U.S. Congress and Obama administration will allow the agency to remain the independent federal regulator of credit unions, no matter what other reform plans are unveiled Wednesday. “That is the indication I have had to date,” Fryzel said Monday. Fryzel’s remarks were featured in a North Carolina CU League video, taped after the chairman’s remarks to the league’s 74th annual meeting. Fryzel also spoke to the credit union movement’s continued strength despite the country’s economic challenges. He said credit unions will continue to be “safe and sound under one regulator.” He added that the credit union federal share insurance fund also will remain separate, and will not be “co-mingled with other funds.” When asked what challenges credit unions can face cooperatively in the upcoming months, Fryzel said it is important for credit unions to work together to continue to support the corporate credit unions. He encouraged credit unions to “take an active part” in a plan to restructure the corporates to make them “strong into the future.” He said they should “continue to support their members, continue to work with regulator and the trades” so ultimately “once we get out of this difficult economy credit unions can again move forward to achieve goals they’ve never seen before.” “Credit unions have helped for 100 years and will do it for another hundred years” Fryzel declared. U.S. Treasury Secretary Timothy Geithner is expected to announce the administration’s plan for broad financial regulatory reforms on Wednesday. (See related story: Reg restructuring plans outlined by Geithner, Summers.) Use the resource link below to access NCCUL videos.
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