WASHINGTON — Michael E. Fryzel took another step Wednesday to joining the board of the NCUA.
The Senate Banking Committee voted to send his nomination to the full Senate for a confirmation vote though it is not clear when the vote will take place.
Fryzel, a former director of the Illinois Department of Financial Institutions, would serve on the board through 2013 though each president gets to choose his or her own chairman. He would succeed Chairman JoAnn Johnson, whose term expired last
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August, whose term expired last year but stayed on at the request of President Bush, pending the confirmation of a new chairman.
The Bush administration has said it will designate Fryzel as the board's chairman but his tenure in the top post could be short lived as each president has the right to designate their own chairman, though he would remain on the board regardless.
He received little attention at his confirmation hearing earlier this month (where he appeared with four other nominees to financial-related positions) though Committee Chairman Christopher Dodd (D-Conn.) expressed some concern about some recent trends that have made credit unions more like banks.
The votes on Fryzel, and nine other nominees to financial-related positions took place during an executive session the committee held in a room just off the Senate floor.
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