ALEXANDRIA, Va. — NCUA Chairman Michael E. Fryzel has only been on the job since July, but the results of last Tuesday's election may mean his time in that job could be short lived.
Presidents have the power to designate the chairs of regulatory agency boards and President-elect Barack Obama could choose to place a Democrat as chair of NCUA instead of Fryzel, who was appointed by President Bush.
Fryzel would remain on the board as his term does not expire until 2013.
Obama will have an opportunity to appoint a new board member soon after taking office. Vice Chairman Rodney Hood's term expires on April 10, 2009. Obama could designate Hood's successor as chairman or name Board Member Gigi Hyland to the post.
Hyland, the panel's sole Democrat and only board member with credit union experience, was named to the board by Bush and has served since November 2005. Her term expires Aug. 2, 2011.
–cmarx@cutimes.com
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.