SEATTLE — NCUA Chairman Michael E. Fryzel said today his approach to policing credit unions was to have regulations that are "as minimal as possible, as much as necessary."
In his first speech since taking office last moth, he told NASCUS' annual meeting he said it is essential to have regulations that "aggressively protects the rights of consumers" while ensuring that financial institutions are "safe, sound and well functioning."
Fryzel said he looked forward to forming a partnership with state regulators and giving them the help they need to do their job. He also promised to maintain a good, though clearly independent, relationship with the credit union industry.
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The former state regulator summed up his approach to the job by noting that "my door is open, my aims are clear, and my dedication is strong."
In a brief interview after his talk, he said he was still learning about the agency and declined to state whether there were any specific regulations that should be reviewed in the short term.
"I have an open mind about everything," he said. "I will be a proactive chairman and a hands on regulator."
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