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WASHINGTON — Credit unions should use the upcoming economic rebound to find ways to better serve their members, NCUA Board Member Michael Fryzel told NAFCU Congressional Caucus attendees last week.“What lies ahead is an end to this recession. It will be a time when people will be hired, when the economic skies will brighten. We will grow again. As we do, we must find new ways of strengthening our natural person credit unions, bolstering our share insurance fund and especially rededicating ourselves to our core mission, that of selflessly improving the financial lives of those who chose to join us in membership. It is for these people that we work, and by helping them we help everyone,” he said.He also said he favored expanding the ability of credit unions to do member business lending, as long as they do it in a safe and sound manner, but he did not take a position on the legislation pending on the subject on Capitol Hill.NCUA Board Member Gigi Hyland reiterated her position that credit unions should be allowed to gradually increase their share of member business loans. She also suggested that credit unions list every MBL they make on their Call Reports.Hyland also said that when the board issues its proposed rules on corporate credit unions later this year, credit union executives and board members should give their input.“It is critical that all interested parties, particularly credit unions, provide comment and essential that they give their input on the future of the corporate credit union system,” she said “And I want to assure you that your comment letters do not go into some black hole in the NCUA.”–[email protected]

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Peter Westerman

 

Credit Union Times

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