NCUA Media Advisory

Fryzel Statement on the Administration’s Financial Regulatory Reform White Paper  

June 17, 2009, Alexandria, Va. --  

Chairman Michael E. Fryzel attended the President’s statement at the White House announcing a Financial Regulatory Reform White Paper and issued the following statement:

"The Administration's proposal merits serious consideration.  Given the market turmoil of the last several months, and the resultant consumer uncertainty regarding the entire financial system, there is now an opportunity for restructuring that will genuinely produce improved regulation.  At first reading, I am pleased with two specific elements: the creation of a council that would enhance consumer protections, and the maintenance of a separate and independent NCUA.  Both of these, in concert with other aspects of reform under consideration, will serve to ultimately improve the safe and sound operations of the U.S. financial system.  I look forward to working with Congress as the legislative process moves forward."

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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