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Washington
Fryzel notes priorities for NCUA board
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 (6/30/08)--The U.S. Senate confirmed Michael Fryzel Friday to replace JoAnn Johnson on the National Credit Union Administration (NCUA) board. President George W. Bush said he would name Fryzel chairman of the three-seat board. In a statement released by the NCUA shortly after the Senate’s action, Fryzel said, “As with the President’s decision to nominate me to the board of the National Credit Union Administration and confer the high honor of Chairman, I am deeply honored by my U.S. Senate’s confirmation. “In preparing to assume office, I want to reiterate the priorities stated during my recent Senate Banking hearing: vigilant and thorough supervision, emphasis on safety and soundness, and dedication to protecting the consumer. The credit union industry, now entering its second century, has proven itself valuable to America’s consumers and as such has a right to expect fair, consistent, common-sense regulation. It is my commitment to conduct my chairmanship in that manner.” Credit Union National Association (CUNA) President/CEO Dan Mica congratulated Fryzel after the Senate vote. "With his background in credit union law and regulation, he has a number of tools to draw upon during his tenure with the agency," said Mica. "We look forward to working with him to keep credit unions safe, strong and essential to their members." Fryzel was with the Illinois Department of Financial Institutions from 1977 to 1989 and headed the agency from 1982 to 1989. 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 noted consumers not only place their money in credit unions, they also place their trust. Exiting chairman Johnson, who agreed to stay in the head position after her term ended last August, congratulated Fryzel on his confirmation. She said she ready stands to assist the new board member during his transition and eagerly anticipates her return to “my family, and my roots, in Iowa.”


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