ALEXANDRIA, Va. — In a video interview with CU Times, outgoing NCUA Board Member Michael Fryzel said the NCUA should consider guidance for the credit union industry over more regulation.
"I really think it's time that the NCUA board step back and say, 'hey, can we do some of these things that we want to do at credit unions through guidance rather than regulations and take some of the burden off of them and give them the opportunity to manage these credit unions the way they should be managing them and provide the services that they should be and allow them to be competitive?' said Fryzel.
"That's something the board needs to look at – take a step back and perhaps provide some relief on our end even though credit unions may still be impacted by the other federal agencies," he added.
Fryzel, who will exit the NCUA when the full Senate confirms the nomination of Mark McWatters, cited his handling of the corporate crisis as his greatest accomplishment.
"Looking back, a lot of people have told me they didn't agree with us then but they do agree with what we did now because credit unions have survived and they're doing a better job and they are getting better every day," said Fryzel, who served as chairman of the agency from July 2008 to August 2009.
Fryzel told CU Times he has no regrets.
"It's a great industry to work with, the people are dedicated, I've had dedicated staff here at NCUA. I've had good board members," he said. "I've enjoyed it 100%. It's been a great opportunity and something that I'll be forever grateful to President Bush for appointing me to this board."
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