Yogi’s words of wisdom

New York Yankees Hall of Famer Yogi Berra has a quick wit and would often come up with phrases that astonished most people. One of my favorite, and one that I can now apply to my tenure at NCUA, is: “It ain’t over ‘til it’s over.”

I had originally thought that my successor, J. Mark McWatters, would be in place by the end of April. Inaction by the Senate, however, pushed the date back a few weeks. So, I wrote what I thought would be my last column for the NCUA Report in April, summing up my experience, thanking everyone for the opportunity to serve and the help I was given, and providing a perspective for the future.

When May rolled around, I had my brother, Stan, draw a cartoon for the May newsletter thinking I had said my good- byes and perhaps we would end with a little humor.

Guess what? It’s time for the June newsletter to go to print, and to quote the title of a song by Stephen Sondheim, “I’m still here.” And so ladies and gentlemen, I get another kick at the can, and you get to read my self-proclaimed words of wisdom.

The last 60 days at NCUA have been extremely interesting. I’ve seen the letters, articles, commentaries and interviews of all three board members, as well as some staff, relating to the proposed risk-based capital rule. Virtually everyone, except perhaps Yogi and Stephen, has weighed in to offer their thoughts and analysis on what they believe is the right thing to do. Whatever your views, it has made for interesting reading, provided an issue for the national associations to rally their members around and given the media countless inches of space to fill.

One can easily argue there is no right or wrong side on this issue, but no one can deny this sort of open discussion about a proposed rule is the best thing that has happened recently in the credit union system.

Aside from the corporate crisis and the home-based credit union issue, what has been more exciting to read about, listen to and weigh in on?

And we all know there is a lot more to come. A record number of comment letters will be read, additional remarks by the NCUA Board will be made, dozens of stories will be written, the proposed rule will be revised and changed many times and then maybe, or then again maybe not, there will be a final rule. Whatever the outcome, you can be assured that everyone’s voice will be fully considered, and I expect common sense will prevail.

We can all hope that the NCUA Board will carefully review what has been proposed and do what is best for the industry. Everyone wants a safe and sound system and a strong insurance fund. However, we do not want the industry stifled by regulations that are unduly restrictive and prevent credit unions from effectively serving their members and maintaining their competitiveness.

There should be a rule for regulation, one that I have stated many times, “as much as necessary, as little as possible.”

For whatever time I have left on the NCUA Board, I will continue to be a voice for rational and realistic regulation. And I should, because after all, “It ain’t over ‘til it’s over.”

Michael Fryzel

Michael Fryzel

Michael Fryzel is the former Chairman of the National Credit Union Administration and is now a financial services consultant and government affairs attorney in Chicago. He can be reached at ... Details