Fryzel Statement on Senate Passage of NCUA Corporate Stabilization Plan

May 6, 2009, Alexandria, Va. – National Credit Union Administration (NCUA) Chairman Michael E. Fryzel’s statement:

“Today’s Senate approval of NCUA’s Corporate Credit Union Stabilization Fund and accompanying provisions such as increased borrowing authority, is an unmistakable affirmation by lawmakers that the credit union industry can and will take care of its own problems. I am gratified by the speed with which the Senate acted, as well as their willingness to work closely with NCUA in crafting a proposal that is both workable and sound. 

I am also pleased by the strong support given to the Stabilization Program by the credit union industry. As the legislation moves to the House, I encourage a similar level of activism by credit union leaders across the country. We need to remain united and focused as NCUA and the industry continue our cooperative efforts to reform the corporate credit union network.  Ninety million credit union members deserve nothing less.”

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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