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Senate hears NCUA Board nominee today

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WASHINGTON (6/3/08)--The Senate Banking Committee today plans a hearing on the nomination of Michael E. Fryzel, an Illinois real estate lawyer and former director of the state's Department of Financial Institutions, to become a member of the National Credit Union Administration (NCUA) board of directors, and ultimately to be its chairman. Fryzel is among nine nominees participating Tuesday’s event. If confirmed, Fryzel will replace JoAnn Johnson as chairman. Johnson's term expired in August of 2007. She has been on the NCUA board since 2002 and has served as chairman since 2004. Johnson has indicated she will likely remain as chairman until her successor makes it through the nominating process. 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. Listed among his professional affiliation, Fryzel said he is a member of the Governor's Board of CU Advisors and has been since 1992. He received his bachelor's degree from Valparaiso University, his MBA from the University of Chicago, and his JD from Loyola University of Chicago School of Law.

NCUA among regulators for Senate state of banking hearing

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WASHINGTON (6/3/08)--National Credit Union Administration (NCUA) Chairman JoAnn Johnson and the other federal financial institution regulators will appear Thursday before the Senate Banking Committee to discuss the state of the financial services industry. The hearing, entitled, "The State of the Banking Industry: Part II," is a follow-up to one held in March, according to American Banker (June 2). In addition to Johnson, also scheduled to testify:
* Federal Reserve Board Vice Chairman Donald L. Kohn; * Federal Deposit Insurance Corp. Chairman Sheila Bair; * Office of Thrift Supervision Director John Reich; and * Comptroller of the Currency John Dugan.

Inside Washington (06/02/2008)

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* WASHINGTON (6/3/08)--The mortgage industry needs consistent regulation, said Office of Thrift Supervision (OTS) Director John Reich at a convention last week. Mortgage brokers and mortgage bankers are regulated unevenly by individual states, while federally supervised banks and thrifts must abide by nationwide standards. Reich said a “level playing field” must be created. “Establishing a partnership between the states and a federal regulator to set and enforce minimum mortgage funding standards would ensure accountability, consistency and transparency throughout the mortgage lending process,” he said, adding that the OTS is qualified to fill that role ...

Native American predatory lending examined by Senate

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WASHINGTON (6/3/08)--The Credit Union National Association (CUNA) will participate Thursday in a U.S. Senate Committee on Indian Affairs oversight hearing entitled “Predatory Lending in Indian Country.” CUNA witness Darwin Brokke, president/CEO of Citizens Community CU of Devils Lake, N.D., will explain credit union alternatives to predatory lending in Native American communities. The hearing starts at 9:30 a.m. ET and can be viewed via the Internet. Use the resource link below for more information.