Navigate Up
Sign In

NCUA Board Member Michael E. Fryzel's Remarks before Defense Credit Union Council 49th Annual Conference

​Thank you Arty for that kind introduction and the outstanding job you do as CEO of the Defense Credit Union Council. Defense credit unions have remained strong throughout this difficult economic period and your leadership of the Council continues to provide them with the support services they need. I commend you for your commitment to the success of the industry.

It is a pleasure to be here with you in Denver and to address the outstanding credit union individuals who provide exceptional financial services to the brave and sacrificing men and women of the United States Armed Forces. Many of them serve or have served right here in Colorado.

To all those at Fort Carson, Peterson Air Force Base, Schriever Air Force Base, the Air Force Academy, and NORAD who for so long have protected this nation, I salute you and your efforts. All of our citizens owe you our gratitude. Colorado has a rich tradition of serving its country well.

So far this year, defense credit unions have grown their membership at an annual rate of 4.24% nearly 50% faster than the national average of 2.91%. Defense credit unions have grown shares nearly identical to the national average of 18.67%. They grew loans at 2.1%, nearly 6 times the national average of 0.37% and grew capital at 11.62% annually, about 39% faster than the national average of 8.37%. These are extraordinary results, but these are the kind of results one would expect from credit unions dedicated solely to helping their members with their financial wellbeing.