WASHINGTON — Former Illinois financial services regulator Michael E. Fryzel was sworn in today as chairman of the NCUA board.
Fryzel, who succeeds JoAnn Johnson on the three-member panel, was sworn in at 1:00 EST in Chicago by Cook County Circuit Judge Lee Preston, a longtime friend.
“I am grateful to the President for this opportunity to serve,” Fryzel said in a statement. “To be the NCUA chairman is a tremendous honor and I pledge to work to the best of my ability to fulfill the trust that has been placed in me.”
Fryzel, who was nominated for the position last year, was confirmed by the Senate last month.
His term on the board runs through 2013 but his chairmanship could be shorter. Each president has the right to name his or her chairman.
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