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Fryzel to Credit Unions: “Important Work Remains. It’s Time to Make a Leap.”

WASHINGTON, D.C. (Sept. 10, 2013) – Before a group of nearly 350 credit union professionals, National Credit Union Administration (NCUA) Board Member Michael E. Fryzel urged credit unions to make a leap.

Speaking at the National Association of Federal Credit Unions (NAFCU) Congressional Caucus, Fryzel reminded credit union attendees of the financial and corporate crises they have weathered and praised them for their diligence in building a stronger credit union system. He then encouraged them to do more.

“We are at a point in the credit union movement where either we can go along with what has been passed to us, a successful system enjoyed by more than 95 million Americans, or we can say now is the time to make a leap. It’s time to bring democratically run, self-help, non-profit cooperative financial institutions to 200 million Americans. Let us not be the generation that held on. Let us be the generation that advanced and made this system better,” Fryzel said.

Fryzel reminded the group that his call for advancement would take vision, investment, and inconvenience.

“It will take more than walking the halls of Congress,” said Fryzel. “It will require pressing lawmakers to work with us and getting the legislation we need written and passed. It will take work in the communities you serve with your own board and employees. The financial crisis has mainly passed. The healing has begun. But important work remains.”

The full text of Board Member Fryzel’s address is available 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 101 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.


National Credit Union Administration

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"Protecting credit unions and the consumers who own them through effective regulation"