NCUA Media Advisory

Fryzel Urges Activism, Hard Work During Rulemaking

June 16, 2009, Alexandria, Va. -- National Credit Union Administration Chairman Michael E. Fryzel encouraged credit unions to take a active role in crafting corporate rule reform during his address to the North Carolina League Annual Meeting yesterday in Pinehurst, N.C.

“Credit unions and leagues have long been at the forefront of activism and involvement in the governmental affairs process, and I applaud that track record while at the same time encourage you to devote an even greater amount of energy to this important area,” Chairman Fryzel told the attendees. “The challenges we have just faced in the corporate sector are challenges that continue to require innovative thinking, attention to detail and plain old-fashioned hard work. I am going to look to credit unions for help as we move forward together.”   

Chairman Fryzel discussed the recent enactment of NCUA’s Corporate Stabilization Plan, which preserves a well-capitalized Share Insurance Fund and enables credit unions to spread the costs of corporate stabilization over several years.  He also thanked the audience for commenting on the Advance Notice of Proposed Rulemaking and noted the NCUA Board plans to consider recommended rule changes within the next few months. This proposed corporate credit union reform is online at http://www.ncua.gov/Resources/RegulationsOpinionsLaws/ProposedRegulations.aspx.
  
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 90 million account holders in all federal credit unions and the majority of state-chartered credit unions.

 

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