WASHINGTON - The NCUA's potential overhaul of the entire corporate network is appropriate even during a time of crisis and budget crunches, said NCUA Chair Michael Fryzel today.
In fact, Fryzel said a corporate restructure has been on his to-do list since his appointment.
"I felt it hadn't been looked at in a long time, so I had my staff put together a study related to the corporate system," he said.
That study was shared with Price Waterhouse and the NCUA Board, he said, and suggestions from the study and Price Waterhouse were used to draft the ANPR document.
"We started this process awhile ago, and now we're saying to the credit union industry, 'tell us how it should be restructured, tell us what you need your corporate system to be,'" he said. "From this day forward, we want to put a corporate system into place that will serve the industry for years to come."
Fryzel defended his decision to hire PIMCO to evaluate corporate investment portfolios rather than trust numbers provided by corporates and their own outside firms, saying PIMCO specializes in that line of work, and they're independent.
"I don't want corporates telling me 'this is what my guys say this is worth,'" he said. "I want somebody who is working for me."