Japanese Agricultural and Fishery Cooperative Savings Insurance Corporation Visits NCUA
February 6, 2009, Alexandria, Va. – The National Credit Union Administration (NCUA) last week welcomed four representatives from the Japanese Agricultural and Fishery Cooperative Savings Insurance Corporation (SIC).
SIC insures saving at agricultural and fishery cooperatives in Japan.
The visitors came to NCUA to learn more about the American credit union system. SIC representatives met with NCUA Chairman Michael E. Fryzel, Board Member Gigi Hyland and NCUA staff to discuss topics ranging from the structure of federal credit unions to Share Insurance and its federal backing.
“Meeting with the Japanese Agricultural and Fishery Cooperative Saving Insurance Corporation provided our visitors with a wealth of information relating to the American credit union system. These representatives will be able to go back to Japan and utilize the information learned to help enhance their own credit union system”, stated Chairman Fryzel.
Not only did SIC learn about NCUA but NCUA had the chance to learn about SIC and its similarities and difference to the American federal credit union system.
“It was a learning experience on both ends,” commented Board Member Hyland. “These are the types of meetings that help the credit unions of the world perform to the best of their ability. At NCUA we find it important to assist the world credit union system and aid in its success via the opportunities afforded to us.”
From Left to Right: (Chris McGrath, Budget Analyst, NCUA, Ashley Rowe, Risk Management Officer, NCUA, Mastaka Eihara, Director Savings Insurance Division, SIC, Chairman Fryzel, Hiroaki, Funamoto, Deputy Governor, SIC, Shinya Furue, Economist, Finance & Investment Research Division at Norinchukin Research Institute Co., Ltd, SIC, Mitsugi, Nakashima, Deputy Director, Planning Division, SIC)
Board Member Hyland and Hiroaki, Funamoto, Deputy Governor, SIC
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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