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News Now

Washington
Fryzel CUs have grown to be best mortgage biz lenders
WASHINGTON (9/22/11)—National Credit Union Administration (NCUA) board member Michael Fryzel Wednesday reiterated his agency’s support for a higher member business lending (MBL) cap and alternative sources of capital for credit unions. Fryzel said that over the last 30 years credit unions have “grown to being arguably the best writers of mortgages and best business lenders in America.” “Given this record, should credit unions not be allowed to make even more business loans and to grow by means of alternative or risk-based capital,” Fryzel asked during an address to the National Association of Federal Credit Union’s Congressional Caucus. “A hundred years ago, many ordinary Americans were not getting the kind of credit or the kind of financial services they deserved,” he said. “Credit unions were seen as an idea that could help these people. “Now credit unions help 91 million Americans. They give efficient, effective and sound financial services and adequate credit to ordinary Americans from coast to coast with nothing else in mind than helping the persons who come for that education.” He said the U.S. Congress should be reminded that not one dollar of taxpayer money has gone to save a credit union or to pay for an insured savings account. The National Credit Union Share Insurance Fund is funded by credit unions. Fryzel referenced current pending legislation and NCUA’s support to increase member business lending above the current statutory cap of 12.25% of assets, allowing credit unions to grow through alternative or risk-based capital. Bills are pending action in the House (H.R. 1418) and Senate (S. 509) to increase the cap to 27.5%. The House bill, introduced by Rep. Ed Royce (R-Calif.), has a total of 61 co-sponsors. The Senate bill, introduced by Sen. Mark Udall (D-Utah), has 21 senators backing it.


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