Michael E. Fryzel was nominated to the NCUA Board by President George W. Bush on November 30, 2007. After U.S. Senate confirmation, Mr. Fryzel took office as NCUA Chairman on July 29, 2008. Mr. Fryzel served as Chairman until August 24, 2009.
Immediately after confirmation, Mr. Fryzel faced the most severe crisis in the credit union industry’s history: The collapse of five large corporate credit unions threatened the future of all credit unions.
Through his leadership, Mr. Fryzel proposed to Congress the creation of the Temporary Corporate Credit Union Stabilization Fund, a groundbreaking way to manage the costs of paying for the corporate credit union failures over time. The creation of the Stabilization Fund was a critical tool in helping to ease the immediate impact on the credit union system of the cost of resolving the corporate crisis. As Chairman, Mr. Fryzel also addressed the severe liquidity challenges facing the credit union industry by requesting and receiving from Congress the authority to increase the borrowing authority of the Central Liquidity Facility from $1.5 billion to $41.5 billion.
Senior Policy Advisor