Fryzel Stresses Importance of Involvement, Activism
April 27, 2009, Alexandria, Va. – NCUA Chairman Michael E. Fryzel reiterated the importance of industry and NCUA activism, and described ongoing Agency efforts to stabilize the corporate credit union system during his address to the Ohio Credit Union League’s Annual Meeting in Cleveland, OH.
“Since I became Chairman I have articulated a very basic, very direct philosophy: I will take whatever steps necessary to preserve safe and sound credit unions and protect the consumers who they serve.”
Chairman Fryzel also encouraged the Ohio credit union leaders to stay member focused and involved as the corporate dialogue moves forward.
“None of this is being considered in a vacuum. We actively solicited, and received significant and helpful input from almost 500 commenters, and you can rest assured that your views will be integral to whatever final product emerges. This is your corporate system, created, governed, and directed by you for over 30 years. You properly have a voice in what new, reformed corporate network emerges and I strongly encourage you to stay involved,” commented Chairman Fryzel. He also called on credit unions to continue to make their voice heard and earn legislative support for the NCUA Corporate Stabilization Program that has been proposed to Congress.
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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, also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of nearly 90 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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