Credit Union Journal | Monday, November 16, 2009
ORLANDO, Fla. — Individual credit unions and their trade associations need to generate greater consensus and a more in-depth plan for alternative capital if they expect Congress to take action anytime soon, according to NCUA board member Mike Fryzel.
The former NCUA chairman told a crowd of credit union leaders at a CUES CEO/Executive Team Network roundtable discussion that the two-page document recently crafted by CUNA and NAFCU was not enough for legislators to even consider a bill.
"The NCUA board needs to know how many credit unions could use alternative capital," Fryzel said, noting that the issue has divided many in the industry. If the trades and individual institutions are not on the same wavelength, Congress will not listen. And don't expect the regulator to go out on a limb for it, either. "Unless (Congress) asks, we don't say anything," said Fryzel.