Third Quarter 2008
NCUA Chair with local ties confirmed, meets with IL activists
The National Credit Union Administration (NCUA) has a new Chairman - Illinois native Michael E. Fryzel - who was sworn into office on July 29, 2008 in Chicago.
President George W. Bush nominated Fryzel to the NCUA Board on November 30, 2007, and his nomination was confirmed by the U.S. Senate June 26, 2008.
“I am grateful to the President for this opportunity to serve,” said Fryzel. “To be the NCUA Chairman is a tremendous honor and I pledge to work to the best of my ability to fulfill the trust that has been placed in me.”
Fryzel is no stranger to Illinois credit unions.
Prior to becoming NCUA Chairman, 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. Fryzel also served as DUI Prosecutor for the Illinois Secretary of State and Hearing Officer for the Motor Vehicle Review Board.
His career has also included many years in Illinois state government, beginning as Director of Administration and Fiscal Manager in the Governor’s Office of Human Resources. Then after serving as Supervisor of the Currency Exchange Division, Administrator of the Unclaimed Property Division, and Supervisor of the Consumer Credit Division (all within the Illinois Department of Financial Institutions), Fryzel became DFI Director.
A member of the Illinois and District of Columbia Bar Associations, Fryzel was also Commissioner of the Illinois Court of Claims and has served on the Illinois Governor’s Task Force on Financial Services and on the Governor’s Financial Institution Transition Team. In addition, he was staff assistant to the Illinois Speaker of the House and the House Minority Leader.
Political activists from Illinois have wasted no time in getting re-acquainted with Fryzel.
A delegation of 18 people representing 13 credit unions, recently spent two days in Washington, D.C. lobbying legislators. As part of this annual “Hike the Hill” (HTH) event, the group met with Fryzel, his new chief of staff, Sarah Vega, and NCUA board member, Gigi Hyland.
Chairman Fryzel was very frank about the challenges facing the NCUA in these troubled financial and political times and made it clear NCUA is doing all it can. The Chairman stated he is working both independently and with CUNA to deal with the Central Liquidity Facility (CLF) cap issue and seems as confident as possible, given the political climate, that this will get accomplished.
The downward spiral of the financial markets has been the center of attention in Washington and around the nation and was a big part of the conversations the Illinois delegation had with all of their respective political leaders. During these visits, the Illinois credit union message was simple: credit unions are safe and sound and they are not part of the problems facing the financial markets, but in fact are an important part of the solution.
"It is important for credit unions to have a strong presence on Capitol Hill," said Dan Plauda, ICUL president/chief executive officer. "It is especially powerful when local constituents go to Washington, D.C."
During a visit with Brad McConnell, legislative assistant for financial services of Senator Dick Durbin’s (D-IL) office, the Senator's staff stated that he is in favor of lifting or raising the borrowing cap for the CLF and will ensure that it is in the appropriations bill.
All of the participants met with their Congressional Representatives or a staff member and expressed the legislative priorities of credit unions. These included support for regulatory relief legislation (HR 1537, S2957 and the recently passed HR 6312); opposition to interchange fees (HR 5546 and S3086); and support for retention of the credit union tax-exempt status.
Other HTH highlights included Congressman Jesse Jackson, Jr. (D-IL-2nd), who spoke to the group at Credit Union House. ICUL presented him with a plaque for his sponsorship of HR 1537, the Credit Union Regulatory Improvements Act (CURIA). At Credit Union House, participants also received a legislative and regulatory briefing from CUNA staff, a tour of the facility and lunch.
The HTH event concluded with the Illinois delegation receiving a tour of NCUA's headquarters by Fryzel.
Just prior to his NCUA appointment, Fryzel served on the Illinois Governor’s Board of Credit Union Advisors. 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.
The NCUA Board consists of three members appointed by the President and confirmed by the Senate to regulate all federally chartered credit unions and administer the federal fund insuring member accounts in approximately 8,000 credit unions nationwide. Fryzel’s NCUA term expires August 2, 2013.