Repairs Needed

By Michael E. Fryzel, NCUA Board Member

An old friend of mine, the late Ed Callahan, had a sign on his desk when he served as Director of the Illinois Department of Financial Institutions that read, “If it ain’t broke, don’t fix it.”

It is good advice. Many times in my life I have tried to tweak things that were not broke but just needed a little adjustment. After I finished with those items they were not only broke but unrepairable.

The American people have just come through months of one of the most contentious political campaigns in our history. Both political parties clearly saw what was at stake and each used every tactic available to them to win the Presidency and control of the Congress. The pundits for years to come will analyze the election and many books will be written about it. But now it is history and we must move on.

Our President and Congress need to understand that things are broke and need to be fixed. First and foremost, our economy should be placed at the top of both of their lists. Our country needs to put its people back to work, rebuild our businesses and make the American dream a reality again. After that is addressed, they can add to the list, education, health care, infrastructure, public safety, defense, foreign trade and the many other issues important to the rebuilding of our great nation.

For credit unions, an increase in member business lending authority has lingered for years and should be acted on. Supplemental capital is another topic that should be discussed and consideration given as to whether or not it is right for credit unions. And maybe it is time to look at how the credit union charter can be enhanced to better serve the 93 million account holders.

With the election over, we all need to move ahead irrespective of party and politics and work together to make things better.

My objectives remain the same: to balance safety and soundness with effective and efficient regulation and supervision and to provide credit unions with the tools they need to serve their members. I am committed to help fix what NCUA can. The tool box is open.

Originally published in The NCUA Report, Nov 2012, No 11, www.ncua.gov
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