WASHINGTON -- Seeking to stake out an assertive and activistposture as he begins his tenure, NCUA Chairman Michael E. Fryzeltoday promised to be aggressive and proactive in dealing withproblems faced by individual credit unions and the industry as awhole.

|

"Now is not the time for a business as usual, passiveapproach,'' he told attendees at NAFCU's Congressional Caucus.

|

He pledged to "intervene decisively'' if he sees currentexisting problems or potential risks.

|

Fryzel also promised to undertake a "broader and morecomprehensive stress test" of the agency's share insurance fund. Ina subsequent interview he said there were no major problems withthe fund but said the current financial uncertainties created theneed for a "new fresh look'' with different factors taken intoconsideration. He declined to elaborate but said he would do sosoon.

|

He also announced that before the end of the year there will bea government-industry summit to discuss the health of theindustry.

|

Today's speech was the second one given by Fryzel, the formertop financial services regulator in Illinois, since he was sworn inat the end of the July. His first address was at NASCUS' annualmeeting last month in Seattle.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.