NCUA Media Advisory

Fryzel Praises Volunteers, Encourages Involvement

 

June 1, 2009, Alexandria, Va. –National Credit Union Administration Chairman Michael E. Fryzel praised credit union volunteers and pointed out their key role in the future of the credit union system during a speech to the National Association of Federal Credit Unions’ 28th Annual Volunteers Meeting in Portland, Oregon last Friday. 

 “Volunteerism has always been the central focus of the credit union philosophy.  When one looks at some of the founding documents of the credit union movement, from 100 years ago it was apparent that volunteer control of credit unions was considered an essential part of their make-up,” observed Chairman Fryzel, who also cited credit union pioneers Roy Bergengren and Pierre Jay as advocates for volunteer activism.  “(They) wisely incorporated that emphasis on volunteerism into their efforts to establish the federal charter.  Credit unions are volunteers, and volunteers are credit unions.” 

The remarks marked Chairman Fryzel’s first public comments since President Obama signed NCUA’s Corporate Stabilization Program into law.  In his remarks Chairman Fryzel detailed provisions of the new law that enabled the costs of Stabilization to be spread over seven years, provided additional NCUA borrowing authority, and increased share insurance coverage to up to $250,000 per account through 2013.  “Congress and the President are to be applauded for their swift action in passing and signing this needed legislation into law,” commented Chairman Fryzel.

The Chairman also called upon credit union volunteers to participate in the reform of the corporate credit union system, initiated by NCUA in March.  “This is your corporate system, created, governed, and directed by you for over 30 years.  You properly have a voice in what new, reformed corporate network emerges, and I strongly encourage you to stay involved.” 

The National Credit Union Administration charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of nearly 90 million account holders in all federal credit unions and the majority of state-chartered credit unions. NCUA is funded by credit unions, not federal tax dollars.

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