Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Fryzel comments on NCUA reg agenda
CHICAGO, Ill. (9/19/11)--Ensuring the safety and soundness of credit unions should be the “single focus” on the National Credit Union Administration (NCUA), board member Michael Fryzel said in a Friday speech to the National Association of State Credit Union Supervisors (NASCUS) State System Summit. The summit was held in Chicago, Illinois. Citing the great Chicago fire as an example, Fryzel said not to wait for a disaster to overhaul regulation. “Instead, take a hard look at present conditions and present regulations.” Fryzel noted the NCUA’s own policy of reviewing one-third of its regulations each year is “reasonable” and “provides a good balance between expending resources to keep the regulations updated and reviewing them too hastily.” “There has been talk in some circles of not creating a new regulation without at the same time eliminating another,” Fryzel said. He added: “A one-for-one mathematical formula sounds pleasing at first but, it uses a butcher’s knife when it is really a scalpel that is called for. Each regulation was created for a purpose. If the environment has changed so that the regulation is not doing its intended work then thoughtful reflection should alter or eliminate it.” The NCUA board member also addressed the Obama Administration’s recent request for federal agencies to design cost-effective, evidence-based regulations, and to increase their own transparency and accountability. Fryzel claimed that the NCUA has been, and is, in compliance with this executive order. He added that the agency would “try to become even more proactive in publicizing what regulations will be considered in any year, the time of year they will be reviewed, and how persons can comment on regulations under review.” The Credit Union National Association has urged the NCUA and other independent agencies to consider the "principles and basic approach to regulation" reflected in Obama’s executive order when reviewing current regulations. For the full Fryzel speech, use the resource link.
Other Resources

RSS print
News Now LiveWire
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
13 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
15 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
15 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
15 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
16 hours ago