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News Now

Washington
Fryzel NCUA vigilant on CU health
ALEXANDRIA, Va. (9/30/08)—National Credit Union Administration (NCUA) Chairman Michael Fryzel said he was “extremely pleased” by recent congressional action to increase the agency’s Central Liquidity Facility’s lending limit. Fryzel said the NCUA’s pursuit of authority to lend to the CLF’s full statutory level—currently at around $41 billion—gives the agency another tool that could assist credit unions withstand the market turbulence gripping the country. "Overall, the actions of Congress this week will play a major role in determining the health of the financial institutions for decades to come," Fryzel said, referring to effortst to approve the Emergency Economic Stabilization Act. "The magnitude of the asset repurchasing legislation being considered, regardless of the final product, will impact all financial institutions, including credit unions," the chairman noted, He added: “Credit unions comprise a significant component of the financial system. My goal is to make certain that they remain safe, sound and well-positioned to deal with the uncertainties presented by problems in the broader markets. “Credit union members rightfully depend on NCUA's strong and vigilant oversight, and I am confident that, working closely with Congress, we will find solutions to put in place the kinds of safeguards that achieve that goal."


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