NCUA Chairman Michael E. Fryzel said he plans to include funding for a new Office of Consumer Protection in the agency's budget for next year.
"While NCUA has always placed a high priority on the enforcement of consumer regulations, and credit unions themselves have a strong track record of pro-consumer conduct, it is important that the highest level of compliance with these essential laws be maintained at all times. The creation of a dedicated Consumer Protection Office will make NCUA supervision of consumer protections even more efficient and effective, and will further underscore the priority of this function," he said.
Fryzel said the office will be the agency's liaison with the new Consumer Financial Protection Agency, which the Obama administration has asked Congress to create.
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The NCUA will announce information about funding for the office and its personnel needs during the budget process later this year. The agency usually announces its budget for the following calendar year in October, allows for a period of public comment and the board votes on it at its November meeting.
Fryzel may not be the one who will lead the follow through on the proposal. President Obama has named former NCUA Board Member Deborah Matz to be the new chairman, and she his awaiting a confirmation hearing by the Senate Banking Committee. Fryzel would remain on the board if Matz is confirmed, as his term as a board member expires in 2013.
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