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News Now

Washington
Bush sends Fryzels name to Senate for OK
WASHINGTON (12/17/07)--The White House has officially nominated Michael E. Fryzel, an Illinois real estate lawyer and former director of the state's Department of Financial Institutions, to become a member of the National Credit Union Administration (NCUA) board of directors, and ultimately to be its chairman. President George W. Bush has sent Fryzel’s name to the Senate for confirmation, but the Senate Banking Committee has not yet scheduled a hearing on his nomination, which is a necessary step to securing the position. Fryzel was with the Illinois Department of Financial Institutions from 1977 to 1989 and headed the agency from 1982 to 1989. Integral to that job, according to his resume, was the licensing and regulation of more than 700 state-chartered credit unions with assets exceeding $4.3 billion. Upon leaving that position, Fryzel founded his private law practice, the Law Offices of Michael Fryzel, which specializes in financial regulatory and real estate law. Listed among his profressional affiliation, Fryzel said he is a member of the Governor’s Board of CU Advisors and has been since 1992. He received his bachelor's degree from Valparaiso University, his MBA from the University of Chicago, and his JD from Loyola University of Chicago School of Law. If confirmed, Fryzel will replace JoAnn Johnson as chairman. Johnson's term expired in August of this year. She has been on the NCUA board since 2002 and has served as chairman since 2004. Johnson has indicated she will likely remain as chairman until her successor makes it through the nominating process.


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