WASHINGTON -NCUA Chairman Michael E. Fryzel told a Senate panel today that credit unions are "unique and distinct institutions that require a unique and distinct regulator."
He said NCUA's work with state regulators has enabled the agency to "manage risk in an efficient manner" and its insurance fund should remain separate from other insurance funds.
Fryzel expressed support for creating a systemic risk regulator that would establish broad rules about safety and soundness while letting NCUA focus on credit unions.
He appeared before the Senate Banking Committee which is holding a series of hearing on regulatory restructuring.
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On-Site Coverage: Fryzel Urges Senators to Keep NCUA Independent
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