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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.
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