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News Now

Washington
Fryzel pushes lawmakers to review TARP application
WASHINGTON (11/17/08)--National Credit Union Administration (NCUA) Chairman Michael Fryzel in a letter Friday asked Congressional leaders to ensure the U.S. Treasury uses the Troubled Assets Relief Program to purchase distress mortgage securities--as stipulated in the Emergency Economic Stabilization Act of 2008. Fryzel’s letter came two days after U.S. Treasury Secretary Henry Paulson said the TARP no longer would seek to buy distressed mortgage-backed assets. The move effectively eliminates the opportunity for credit unions to participate in program. “This concerns me deeply,” wrote Fryzel of the Treasury’s action. “Not only because Congress was specific in the legislation that this was a primary purpose of the rescue package, but also because this provision (in addition to the share insurance coverage increase) was welcomed by credit unions and seen as a mechanism which would enable many of them to remain safe, solvent, and secure,” he said. “While the majority of credit unions are not in need of such relief, there are some which may require its use,” Fryzel wrote. The NCUA letter was addressed to Senate Banking Committee Chairman Christopher Dodd (D-Conn.) and Ranking Member Dick Shelby (R-Ala.), as well as House Financial Services Committee Chairman Barney Frank (D-Mass.) and Ranking Member Spencer Bachus (R-Ala.).


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