Michael E. Fryzel was appointed to the NCUA Board by President George W. Bush on November 30, 2007, his nomination was confirmed by the United States Senate and he was sworn into office as NCUA Chairman on July 29, 2008. Mr. Fryzel served in this position to August 24, 2009. His term on the NCUA Board expires August 2, 2013.
During his service as Chairman, Mr. Fryzel was faced with what has been referred to as the most challenging time for credit unions. Through his leadership, Mr. Fryzel addressed a deteriorating situation involving the corporate credit unions.
He proposed and had passed legislation to aid in the resolution of the corporate situation, the Corporate Stabilization Plan. Early in his term, he also addressed the severe liquidity problems facing the industry by asking 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