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Fryzel encourages dialogue with NCUA CUs on corporates
ALEXANDRIA, Va. (5/5/09)--National Credit Union Administration (NCUA) Chairman Michael Fryzel encouraged credit unions to continue dialogue with NCUA on reforms to the corporate system. Credit unions can take the challenges presented by market turmoil and turn them into an opportunity to “revamp, refine and improve the forms and functions of corporate credit unions,” Fryzel said in a speech to 150 credit union officials during the Illinois Credit Union System’s Governmental Affairs and Legislative Day in Springfield, Ill. NCUA’s Corporate Stabilization Plan is pending Congressional approval. The plan is an “immediate priority,” according to Fryzel. The goal is to create an improved corporate credit union system that can meet the needs of credit unions and their members, he said. Noting that he has repeatedly expressed his intention to preserve the safety and soundness of credit unions, Fryzel said: “NCUA’s recent actions have instilled confidence in a corporate network that has experienced considerable stress. Credit unions should be reassured by this and should know that, working cooperatively; credit unions can not only deal with problems, but also emerge a stronger and more valuable asset to America’s consumers.”


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