WASHINGTON — Former Illinois financial services regulatorMichael E. Fryzel was sworn in today as chairman of the NCUAboard.
|Fryzel, who succeeds JoAnn Johnson on the three-member panel,was sworn in at 1:00 EST in Chicago by Cook County Circuit JudgeLee Preston, a longtime friend.
|“I am grateful to the President for this opportunity to serve,”Fryzel said in a statement. “To be the NCUA chairman is atremendous honor and I pledge to work to the best of my ability tofulfill the trust that has been placed in me.”
|Fryzel, who was nominated for the position last year, wasconfirmed by the Senate last month.
|His term on the board runs through 2013 but his chairmanshipcould be shorter. Each president has the right to name his or herchairman.
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