WASHINGTON — It didn't take long for Michael E. Fryzel to have to defend credit unions before a panel of lawmakers.
The first question that Fryzel, President Bush's nominee to be the chairman of the NCUA Board, was asked at his confirmation hearing was why credit unions should be treated differently than banks, even though credit unions are offering more bank-like services.
"They are cooperatives governed by their members," Fryzel told Senate Banking Committee Chairman Christopher Dodd, (D-Conn.) last Tuesday.
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