WASHINGTON -- Seeking to stake out an assertive and activist posture as he begins his tenure, NCUA Chairman Michael E. Fryzel today promised to be aggressive and proactive in dealing with problems faced by individual credit unions and the industry as a whole.
"Now is not the time for a business as usual, passive approach,'' he told attendees at NAFCU's Congressional Caucus.
He pledged to "intervene decisively'' if he sees current existing problems or potential risks.
Fryzel also promised to undertake a "broader and more comprehensive stress test" of the agency's share insurance fund. In a subsequent interview he said there were no major problems with the fund but said the current financial uncertainties created the need for a "new fresh look'' with different factors taken into consideration. He declined to elaborate but said he would do so soon.
He also announced that before the end of the year there will be a government-industry summit to discuss the health of the industry.
Today's speech was the second one given by Fryzel, the former top financial services regulator in Illinois, since he was sworn in at the end of the July. His first address was at NASCUS' annual meeting last month in Seattle.
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