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The Honorable Michael E. Fryzel, Board Member

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Michael E. Fryzel was appointed to the NCUA Board by President George W. Bush on November 30, 2007, his nomination was confirmed by the United States Senate and he was sworn into office as NCUA Chairman on July 29, 2008. Mr. Fryzel served in this position to August 24, 2009. His term on the NCUA Board expires August 2, 2013.

During his service as Chairman, Mr. Fryzel was faced with what has been referred to as the most challenging time for credit unions. Through his leadership, Mr. Fryzel addressed a deteriorating situation involving the corporate credit unions.

He proposed and had passed legislation to aid in the resolution of the corporate situation, the Corporate Stabilization Plan. Early in his term, he also addressed the severe liquidity problems facing the industry by asking and receiving from Congress the authority to increase the borrowing authority of the Central Liquidity Facility from $1.5 billion to $41.5 billion.

In addition to addressing the problems facing credit unions in an economic recession, he promoted the Credit Union Homeowner Affordability Relief and System Investment Programs to assist credit unions and homeowners, he implemented the National Exam Team to focus on large troubled credit unions, and after ordering a full review of the exam process, he revamped exam operations by requiring contact with all credit unions be made on a 12-month basis, and increased NCUA exam staff to allow potential problems to be addressed proactively to protect members and potential losses to the insurance fund.

Prior to his NCUA service, Mr. Fryzel was an attorney in private practice specializing in financial, regulatory and real estate law. In that capacity, he represented credit unions and other financial service industries as well as various trade organizations. An Illinois native, Mr. Fryzel moved into private practice after a career in Illinois state government. His career began as Director of Administration and Fiscal Manager in the Governor’s Office of Human Resources and it culminated as the Director of the Illinois Department of Financial Institutions from 1982 to 1989. In the intervening years, Mr. Fryzel was staff assistant to both the Illinois Speaker of the House and the House Minority Leader, Supervisor in the Currency Exchange Division, Administrator of the Unclaimed Property Division, and Supervisor of the Consumer Credit Division. The latter three are within the Illinois Department of Financial Institutions. Mr. Fryzel also served as DUI Prosecutor for the Illinois Secretary of State and Hearing Officer for the Motor Vehicle Review Board.

A member of the Illinois and District of Columbia Bar Associations, Mr. Fryzel was Commissioner of the Illinois Court of Claims from 1989 to 2003 and has served on Illinois Governor’s Task Force on Financial Services and on the Governor’s Financial Institution Transition Team. Mr. Fryzel served on the Illinois Governor’s Board of Credit Union Advisors from 1992 to his NCUA appointment.

Michael Fryzel holds a BS degree in Business Administration from Valparaiso University, an MBA from the University of Chicago, and a JD from Loyola University School of Law. Mr. Fryzel and his wife, Gloria, have three children, Scott, Brian and Kimberly, and six grandchildren.

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