ALEXANDRIA, Va. (8/22/08)—Michael Fryzel, the newly installed chairman of the National Credit Union Administration (NCUA), said he is committed to a partnership of shared ideas and opinions with state credit union regulators. Addressing the National Association of State Credit Union Supervisors 2008 Summit in Seattle, Wash., Fryzel emphasized his belief in strong regulatory oversight. He said he hopes to share with NASCUS a partnership of open dialogue on problems and solutions, and of working together to achieve “our common goal of a strong, vibrant credit union industry.” The NCUA chairman identified a rigorous safety and soundness standard as the central focus of both state and federal regulators when describing the primary principles that will guide his approach as head of the federal agency. His other essential elements, he said include:
* Maintaining strong regulatory control that aggressively protects the rights of consumers; * Providing common-sense rules that benefit both credit unions and the members they serve; and * Monitoring credit union to ensure consumers get a fair deal.
“These principles are central to the continued durability of the dual chartering concept,” Fryzel said. “The existence of strong, vital federal and state systems benefits all facets of the credit union industry. We have a commitment to those who placed us in these regulatory positions and to the consumers who depend on us, to be diligent stewards keeping their financial institutions safe, sound and well-functioning.”