ALEXANDRIA, Va. (9/4/08)—Sarah Vega, a former director of the Illinois Department of Financial Institutions, has been named as chief of staff and senior policy advisor by National Credit Union Administration (NCUA) Chairman Michael Fryzel. The appointment is effective Sept. 10. Vega will advise the new NCUA chairman on the full range of issues before the NCUA and oversee the day-to-day management of his office. “Sarah Vega will bring a wealth of knowledge and experience to this role. I am very pleased that she has chosen to continue her public service in this capacity, and I am confident that she will be a tremendous asset to me and my efforts as NCUA Chairman,” noted Fryzel in his announcement. Vega served four years as director of her state’s Department of Financial Institutions, the regulatory agency responsible for licensing and examination of all state-chartered credit unions, currency exchanges, consumer-installment lenders, sales finance companies, title insurance companies, money transmitters, foreign exchange offices, and debt management firms in Illinois. The new NCUA chief of staff also was administrator of the department’s Credit Union Division for 10 years. The division regulates Illinois state-chartered credit unions. Additionally, Vega served as chairman of the National Association of State Credit Union Supervisors, is a former member of the board of directors of the Federal Home Loan Bank of Chicago, and is a member of the Illinois Bar. Credit Union National Association (CUNA) Deputy General Counsel Mary Dunn welcomed the announcement saying CUNA has enjoyed working with Vega as an Illinois regulator and looks forward to working with her at the NCUA. "There are many issues that are pending at NCUA and Sarah's background and experience will be very useful for the agency," Dunn added. Vega fills the position vacated recently by Peter Barrett, who was former Chairman JoAnn Johnson’s senior policy advisor.