February 28, 2011, Alexandria, Va. – NCUA Board Member Michael E. Fryzel addressed an audience of over 4,000 credit union activists today during the Credit Union National Association’s Governmental Affairs Conference in Washington, D.C.
“As we have in the past, we should look back to why we have this system to begin with. We have it because people understood that if they came together in a spirit of cooperation they could do better for themselves than going to for-profit
institutions,” commented Fryzel.
Fryzel reviewed the recent happenings discussing the corporate system and NCUA’s actions. He also discussed the
importance of keeping the credit union movement alive and serving members for future generations, “You are here because
you see value in building and continuing the credit union system for the next generation. You will fight for it and you will work for it. You in this room will make it stronger and better able to weather future storms that we may face,” Fryzel said.
In addressing what is to come for the industry and how to move it forward Fryzel stated, “We have to move on [from the resolved issues of the past] and concentrate on growth. We have to learn lessons and not repeat mistakes, and then we all have to put our shoulder to the wheel and push in the same direction. If we continue to think of ourselves as a cooperative movement, as a selfless effort for the benefit of members, people will use us in ever greater numbers, and our problems will fade as we grow.”
Fryzel concluded by discussing the need for continued unity and expressing the belief that hard work is a must. “We have a common cause, and we have to understand that we need to work in unison and cooperation. We need to keep our eyes on the goal, and we need to make acts large and small every day to move forward. You are the vanguard of hope… through hard work and confidence the United States built itself into this magnificent nation. Through hard work and confidence credit unions will build a magnificent future for themselves better than their extraordinary past.”
The full text of Board Member Fryzel’s speech is available online at: click here
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of more than
99 million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.