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News Now

Washington
Senate returns with Fryzel nomination on its plate
WASHINGTON (1/15/08)—Although JoAnn Johnson’s term as chairman of the National Credit Union Administration ended in August and the White House has officially nominated Michael E. Fryzel to succeed her, it is still unclear when the Senate may consider Fryzel's nomination, according to the Credit Union National Association (CUNA). President George W. Bush has sent Fryzel's name to the Senate for confirmation, but the Senate Banking Committee has not yet scheduled a hearing on his nomination, which is a necessary step to securing the position. John Magill, senior vice president of legislative affairs for CUNA, said Monday that the chairman of the banking committee, Sen. Christopher Dodd (D-Conn.) has said he is not of a mind to act on many of the nominations forwarded by the Bush administration. However, Magill noted, with critical vacancies at the Federal Elections Commission and the Securities and Exchange Commission, the banking committee may not be able to wait out the federal election in November to fill long-hanging vacancies. Chairman Johnson, in welcoming the nomination of Fryzel, said she would continue in her capacity as chairman “during this interim period,” and the NCUA confirmed Monday that the chairman’s plans have not altered. Fryzel is an Illinois real estate lawyer and former director of the state's Department of Financial Institutions. Integral to that position, according to Fryzel’s resume, was the licensing and regulation of more than 700 state-chartered credit unions with assets exceeding $4.3 billion.


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