Following Tuesday's swearing-in of new NCUA Board Member J. Mark McWatters, outgoing Board Member Michael Fryzel told CU Times he will return to Chicago to practice law, effective Sept. 2.
Fryzel said he will limit his practice to six or seven credit unions and/or other financial services providers. He said will specialize in assisting credit unions in regulatory issues such as the NCUA's proposed risk-based capital rule, the member business lending cap and supplemental capital.
Fryzel was nominated to the NCUA board by President George W. Bush on Nov. 30, 2007. He took office as NCUA Chairman on July 29, 2008 and served in that position until Aug. 24, 2009.
Just two weeks after Fryzel took office, the credit union industry was rocked by a Wall Street Journal article warning of a financial crisis among corporate credit unions. Eventually, five corporate credit unions failed. Fryzel championed the Temporary Corporate Credit Union Stabilization Fund in Congress and with the U.S. Treasury, which allowed the credit union industry to pay for the costs of corporate stabilization over time through assessments and private investment into NCUA Guaranteed Notes.
Prior to his NCUA appointment, Fryzel was an attorney in Chicago representing credit unions, other financial services providers and trade associations. Earlier in his career, Fryzel also served as the director of the Illinois Department of Financial Institutions and filled other positions in Illinois state government.
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