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Fryzel nomination moves forward
Click to view larger image NCUA Board nominee Michael Fryzel before his June 3 Senate Banking Committee hearing on Capitol Hill. (Photo provided by CUNA)
WASHINGTON (6/26/08)--The Senate Banking Committee Wednesday approved the nomination of Michael Fryzel for a position on the National Credit Union Administration (NCUA) board. 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. At his nomination hearing before the committee early this month, Fryzel said his priority as a federal regulator would be oversight of the safety and soundness of credit unions. He said consumers not only place their money in credit unions, they also place their trust. Fryzel also said he would work to protect the rights of consumers through such things as plain language disclosures, but underscored that credit unions "naturally gravitate toward giving consumers a fair deal." He said as NCUA chairman he would maintain a "healthy and dynamic, arms-length" relationship with the industry. There are, however, two remaining steps before Fryzel can replace JoAnn Johnson as head of the NCUA. His nomination to the NCUA board must be confirmed by the full Senate, and then President George W. Bush must designate him as chairman. Johnson’s term ended last August. Both actions may be accomplished before the end of the week.


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