Fryzel to NASCUS Conference: There Are Problems, But Also Solutions
March 11, 2009, Alexandria, Va. – National Credit Union Administration (NCUA) Chairman Michael E. Fryzel addressed this week’s annual NCUA/NASCUS National Regulators Conference in Chicago, Ill, March 9, 2009.
NCUA Board members, regional directors, and senior staff are joining with state regulators and NASCUS management for three days discussing the economic outlook, credit union financial trends, the corporate credit union network, proposed 2009 regulations, national policy issues, and compliance and examination challenges.
“This annual NCUA/NASCUS meeting affords an excellent opportunity for state and federal regulators to join together to discuss the salient issues facing the credit union industry and our financial system,” said Chairman Fryzel. “Regulators must work together to share not only concerns, but ideas and best practices as credit unions face the challenges of a difficult economy, unemployed members and a faltering housing market. Now is the time that credit unions can lead by example, serving members financial needs and helping those faced with economic challenges.”
Fryzel also commented on NCUA efforts directed at Capitol Hill regarding the difficulties facing corporate credit unions and the industry in general. “NCUA continues to make certain that Congress provides all necessary tools for to deal with the stresses on the credit union industry. The recently passed House bill, containing increased borrowing authority for the NCUSIF and an extension of the premium repayment period, is a positive development. I am pressing our case in the Senate to make certain that, at a minimum, those provisions remain in any final legislation that emerges,” noted Chairman Fryzel. “Now, more than ever, credible, straightforward and level-headed approaches to Congress are essential. Neither NCUA nor the industry can afford to mischaracterize the situation facing credit unions. There are problems in the industry, but there are also solutions if we work together.”
The National Credit Union Administration charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the accounts of nearly 89 million account holders in all federal credit unions and the majority of state-chartered credit unions. NCUA is funded by credit unions, not federal tax dollars.
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