WASHINGTON -NCUA Chairman Michael E. Fryzel told a Senate paneltoday that credit unions are "unique and distinct institutions thatrequire 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 shouldremain separate from other insurance funds.
Fryzel expressed support for creating a systemic risk regulatorthat would establish broad rules about safety and soundness whileletting NCUA focus on credit unions.
He appeared before the Senate Banking Committee which is holding aseries of hearing on regulatory restructuring.
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