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June 26, 2008 - Michael E. Fryzel’s nomination to the National Credit Union Administration (NCUA) Board was approved yesterday evening by the Senate Banking, Housing and Urban Affairs Committee.
A former Illinois state regulator, Fryzel appeared before the Committee for a confirmation hearing on June 3. He served as director of the Illinois Department of Financial Institutions in the 1980s, overseeing 700 state-chartered credit unions with assets of $4.3 billion. Upon confirmation by the full Senate, Fryzel is expected to be designated NCUA Chairman by the President to follow JoAnn Johnson, whose term expired in August 2007.
NASCUS is pleased that a state regulator is being considered for the NCUA Board. NASCUS has long supported state regulatory representation on the NCUA Board. Comprehensive experience in regulating state-chartered credit unions will be valuable to the Board’s deliberative process when determining policy that affects state-chartered, federally insured credit unions and the insurance fund.
NASCUS will keep you updated on any news regarding Fryzel’s confirmation.
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