Fryzel Urges Congressional Approval of NCUA Plan
April 3, 2009, Alexandria, VA – National Credit Union Administration (NCUA) Chairman Michael E. Fryzel continued his advocacy for the NCUA Board-approved Corporate Stabilization Plan this week, as he visited several key lawmakers and pressed the case for legislation that would implement the proposal.
"The NCUA proposal has been very well-received in our initial round of discussions on the Hill, and I am taking every opportunity to encourage lawmakers to provide the Agency with a mechanism to spread the assessment costs while at the same time maintaining a strong National Credit Union Share Insurance Fund," stated Chairman Fryzel.
Following Tuesday's Senate Banking Committee approval of an amendment that would update NCUSIF borrowing authority, for the first time grant the Fund emergency borrowing authority, and enable NCUA to collect premiums over a five-year period, Chairman Fryzel hand delivered letters to lawmakers in both chambers requesting expedited Congressional action on the NCUA plan. This Senate action complements the NCUA proposal, but legislation is still required to allow the plan to take effect.
"While I have no illusions about the difficult and often complicated process involved in passing legislation, I firmly believe that the solid public policy components of the NCUA plan, coupled with sense of urgency on Capitol Hill to help the entire financial services sector, give reason for guarded optimism," commented Chairman Fryzel."I encourage credit unions to do their part to educate Congress about the need for this essential legislation."
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, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 89 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
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