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Fryzel says in-house consumer protection moves forward
ALEXANDRIA, Va. (9/23/09)--Former National Credit Union Administration (NCUA) Chairman and current Board Member Michael Fryzel on Tuesday said that plans to create a division of consumer protection are moving forward within the agency. Fryzel earlier this year proposed the creation of the consumer protection office, which would consolidate existing consumer protection functions within the NCUA and create a liaison relationship with external groups, including the Obama Administration’s proposed Consumer Financial Protection Agency. In his speech before the National Association of Federal Credit Unions Congressional Caucus, held in Washington, D.C., Fryzel promised “improved regulatory control” from the Board and hinted that discussions of alternative capital for credit unions are ongoing. Fryzel also encouraged credit unions to work together as the financial crisis eases, saying that all members of the credit union system must “find new ways” of strengthening natural person credit unions, “bolstering” the share insurance fund, and rededicate themselves to “selflessly improving the financial lives” of credit union members. “While we cannot rest from working on a new corporate structure or maintaining adequate liquidity in our system, I believe we must position ourselves for growth and ensure that this growth is going to best help our members,” Fryzel added.


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