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Fryzel asks CUs for help in assisting corporate network
WASHINGTON (2/25/09)—During his speech at the morning session of the Governmental Affairs Conference Tuesday, National Credit Union Administration (NCUA) Chairman Michael Fryzel asked credit unions for help in assisting the corporate network.
Click for slide show NCUA Chairman Michael Fryzel speaks at the CUNA GAC. Click for a slideshow of speakers who addressed the conference.
Specifically, Fryzel asked credit unions to submit their feedback and ideas to help the corporate credit unions. NCUA Board Member Gigi Hyland reiterated similar thoughts when she addressed the crowd at a later session. “I read every single comment letter that comes in because I believe it makes me a better policymaker,” she told credit union attendees during her speech. The NCUA is working on ideas regarding its corporate stabilization program and wants feedback from credit unions. One approach the agency is considering is using the National Credit Union Share Insurance Fund as a collection fund for the Central Liquidity Facility to align expenses. As a part of this approach, credit unions would be asked to deposit their premiums into a new, separate insurance fund to shift the expense burden over a five-year time frame. Fryzel told credit unions to be prepared for more losses and asked them to be flexible with their approach in helping the corporate credit union network weather the economic crisis. “There are no easy choices,” Fryzel said. “We must stay calm, brace ourselves and take necessary action when called upon. “Credit unions are always good at driving the charge. We must rise to the occasion, and the credit union industry has done that before,” he added. Fryzel also asked credit unions for three items: to help generate ideas on how to help the corporates, lobby Capitol Hill for the tools credit unions need so they can solve the economic crisis “ourselves,” and extend more credit to people who depend on it. “You come to Washington the most capitalized and sound financial institutions,” Fryzel said. “You are not the problem—you are the solution.”

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