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Fryzel sworn in as NCUA chairman

NCUA Board nominee Michael Fryzel before his June 3 Senate Banking Committee hearing on Capitol Hill. (Photo provided by CUNA)

CHICAGO (7/30/08)--Michael E. Fryzel became chairman of the National Credit Union Administration (NCUA) yesterday in Chicago, said the agency in a release.

The Honorable Lee Preston, Judge of the Cook County Circuit Court and longtime friend of Fryzel, administered the oath of office at 12 p.m. CT.

"I am grateful to the president for this opportunity to serve," said Fryzel in a statement. "To be the NCUA chairman is a tremendous honor and I pledge to work to the best of my ability to fulfill the trust that has been placed in me."

Fryzel last month reiterated his priorities as NCUA chairman: "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," he said. "It is my commitment to conduct my chairmanship in that manner."