ALEXANDRIA, Va. (May 01, 2013) – National Credit Union Administration (NCUA) Board Member Michael E. Fryzel today addressed more than 120 attendees at the Illinois Credit Union System’s Legislative Day held in Springfield, Ill. and praised the state’s importance in the credit union industry.
Fryzel updated the group on corporate credit unions, natural person credit unions, pending and proposed rules, staff changes within NCUA, underwriter settlements, pending federal legislation, and his vision of the future of credit unions. He also discussed how the State of Illinois credit unions compared to the rest of the country.
“Illinois continues to retain its standing as the state with the largest number of federally insured, state-chartered credit unions,” Fryzel said. “NCUA enjoys a close working relationship with the Illinois Department of Financial and Professional Regulation in our efforts to protect the funds of credit union members and maintain a safe and sound credit union financial network.”
Fryzel also highlighted the continued importance of events such as the Legislative Day by saying, “Sharing concerns and ideas with elected officials is an important role in maintaining open communication about offering the best financial services to Illinois citizens. Your meetings continue to carry significant importance, and the success you achieve in them benefits the entire industry.”
The conference, hosted annually by the Illinois Credit Union System, allows the state’s credit unions the opportunity to meet with their elected state officials and discuss pending legislation.
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 nearly 100
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.