ALEXANDRIA, Va. — A flawed rule is why NCUA Board Member Michael Fryzel cast a "no" vote for the first time in more than five years, he said during a video interview with Credit Union Times after the agency's December meeting.
"This was my first 'no' vote in five-and-a-half years on the board and I felt compelled to do that because I think the rule, the proposed rule, as written is flawed," Fryzel said of the proposed rule now up for comment that would seek to eliminate home offices for credit unions.
He specifically objected to rules being changed for federal credit unions but not state charters.
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