ALEXANDRIA, Va. — NCUA Chairman Michael Fryzel is calling on credit unions to get behind its legislative plan to replenish the National Credit Union Share Insurance Fund (NCUSIF) over time.
Speaking to the Texas league meeting, and offering his first public comments since NCUA placed U.S. Central and WesCorp into conservatorship in March, Fryzel urged CUs to support an agency-backed bill that would allow CUs to spread the cost of the NCUA replenishment over seven years.
"When this stabilization proposal becomes law, our job will not be finished. I have made a commitment to the administration, to Congress, and to you in the industry that NCUA would undertake a broad and comprehensive reform of the corporate system," Fryzel said. "We have initiated a rulemaking process that I promise will yield results."
