Fryzel Discusses Corporate Stabilization Program During Michigan Visit
February 2, 2009 Alexandria, Va. – National Credit Union Administration (NCUA) Chairman Michael E. Fryzel continued his outreach to the credit union industry with a tour of United Federal Credit Union in St. Joseph Michigan, followed by a luncheon meeting with representatives from over a dozen area credit unions.
“Credit union leaders are obviously very much interested in NCUA’s actions addressing recent difficulties in the corporate sector. In venues such as this and others across the Nation in the coming months, I intend to frankly and directly outline the problems NCUA is working to resolve by acting to stabilize the corporate network, and the role that natural person credit unions must play in ensuring the preservation of their system. The challenges are significant, but so are the resources with which we will jointly deal with them,” stated Chairman Fryzel. “The cost of inaction at this critical juncture is almost too great to calculate.”
“NCUA welcomes any and all suggestions as we move forward with our efforts. The Advance Notice of Proposed Rulemaking process is designed to receive such input, but credit unions should take other opportunities to provide their views on how to best implement the necessary remedial steps. We want to work with the industry to formulate the most sensible and viable solution,” said Chairman Fryzel.
Left to Right: (Gary Easterling, President/CEO United Federal Credit Union and Chairman Fryzel)
The National Credit Union Administration is the independent federal agency that regulates 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, insuring the deposits of nearly 88 million account holders in all federal credit unions and the majority of state-chartered credit unions.
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