ALEXANDRIA, Va. (May 13, 2011)
– National Credit Union Administration Board Member Michael E. Fryzel addressed over 120 attendees this week at the Illinois Credit Union System’s Legislative Conference held in Springfield, IL.
Appearing on a panel of state and federal regulators which included Brent Adams, Secretary of the Illinois Department of Financial and Professional Regulation Fryzel recapped the last 2.5 years of credit union activity during the financial crisis that has impacted the country.
Fryzel also highlighted the recent amendments made to the NCUA corporate credit union and thanked those in attendance for their continued input throughout the process. The final amendment differed from the proposed rule in that there was no action to limit a credit union’s membership to one corporate credit union at a time and the proposal to charge non-federally insured credit entities for Temporary Corporate Credit Union Stabilization Fund expenses.
He reiterated the importance of meeting with elected officials to share the credit union story. “Credit unions continue to remain among the premier financial service institutions. By continuing to meet with legislative officials you are able to educate them on the services that credit unions provide. Your meetings carry significant importance this year and the success you achieve in them will continue to resonate for years to come.”
Photo courtesy of the Illinois Credit Union League
Pictured from Left to Right: NCUA Board Member, Michael Fryzel and Secretary of the Illinois Department Financial and Professional Regulation, Brent Adams
The conference hosted annually by the Illinois Credit Union System, allows the states’ credit unions the opportunity to meet with their elected state and federal congressional officials and discuss pending legislation. This year the keynote speaker was Illinois Treasurer, Dan Rutherford.
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
98 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.