WASHINGTON—NCUA now has three board members, with Richard Metsger taking the oath of office in a Capitol Hill ceremony this morning. NCUA General Counsel Michael McKenna administered the oath.
Metsger is the second Democrat on the three-member panel, joining Chairman Debbie Matz. The White House is searching for a candidate to succeed Republican Michael Fryzel, whose six-year term expired Aug. 2. Metsger, a former Oregon senator, takes the seat vacated by Gigi Hyland in 2012.
“It is an honor and privilege to join the NCUA Board,” Metsger said. “I will do everything within my power to fulfill the trust placed in me by the President and the Congress to ensure both the integrity and the continued safety and soundness of our nation’s credit union system in a rapidly changing marketplace. For me, the most important task is the continued protection of the Share Insurance Fund, which protects credit union member deposits up to $250,000, from losses.”
“As I said during my confirmation hearing, my vision is for NCUA to be recognized as an agency that manages its own fiscal house well, proposes regulatory action that is effectively targeted to achieve the desired outcome without placing unnecessary burdens on the credit unions themselves and, above all, maintains the confidence and trust the American public places in their local credit union,” added Metsger.
