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NCUA Board Member Michael E. Fryzel's Remarks before the African-American Credit Union Coalition

Good morning and thank you for that warm introduction. This is the third time I have had the pleasure to address the African-American Credit Union Coalition. The first time was in Las Vegas, last year in New Orleans and now in Charleston. It is always exciting to be with a group such as yours that is dedicated and committed to providing the best financial services possible to your members. I wish you all the success for your meeting this week and commend you for your hard work throughout the year.

I have worked with credit unions in various capacities my entire adult life. I have seen what they are capable of doing. I have seen what the combination of hard work and cooperation can achieve, which is why I have always been a credit union advocate.

I note that your theme for this conference here in the Low Country is Reaching Higher Heights. I admire your spirit. Your potential is limitless. Despite tremendous progress over the last 80 years and especially the last 30 years, there is huge room for credit unions to grow and vast amounts of good works they can do.

I believe every family in America should have, and can have, a credit union account. What household would not benefit from credit union services? I continue to urge all credit unions to set that as something to aim for.

And then one account can become five, and five accounts can lead to mortgages, auto loans, small business loans, all serving to help those families keep more of their hard-earned money than they could by using alternative financial services. I believe the United States can become a credit union nation...