Thursday, July 3, 2014

NCUA: Credit Union Regulator or Cheerleader?

Once again, the National Credit Union Administration (NCUA) has confused its role as a credit union regulator for being the head cheerleader from the credit union industry.

On July 2 NCUA Board member Michael Fryzel wrote an opinion piece responding to opinion expressed by Frank Keating, the president and CEO of the American Bankers Association, about NCUA chartering a credit union to serve pro athletes.

However NCUA Board member Fryzel never addresses the issue about a credit union for pro athletes. Maybe that would be too hard to explain.

Instead he writes about how wonderful credit unions are and how people of means and of modest means prefer credit unions.

Tell that to the poor guy in Florida who got the run around from Achieva CU and Fryzel's agency. See my June 21 blog post.

He then launches into the credit union lobby's litany that credit unions offer better rates, better service, lower fees, and greater convenience. Yada, Yada, Yada.

This opinion piece is what I would expect from credit union trade associations, but is inappropriate from a regulator.

Read the Fryzel opinion piece.
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4 comments:

  1. AnonymousJuly 3, 2014 at 7:20 AM

    Did you beer wonder why fryzel is writing so many serious minded, "sticking up for CUs" on his way out the door?
    Just hit me that this sudden rush of caring diplomacy - this sudden act of courage to speak up- this public grab for attention, might have a different purpose other than to demonstrate a difficulty in letting go.
    Maybe fryzel wants to continue the time honored tradition of cu people living off the movement.
    Perhaps he's lobbying to be chief lobbyist!!!

    ReplyDelete
    Replies
    1. AnonymousJuly 3, 2014 at 11:26 AM

      beer wonder? Do you ever edit your work or capitalize people's names?

      Delete
    2. AnonymousJuly 3, 2014 at 1:34 PM

      Thanks for the grammar lesson, most appreciated.
      Forget to check "auto correct" on iPad. Still getting used to it.
      Do you always ignore the point by hiding behind a grammar lesson?
      Thanks again.

      Delete
  2. AnonymousJuly 3, 2014 at 1:09 PM

    after all these years of "sticking it to credit unions" now he is "sticking up for them. Sounds like we can look forward to fryzek cu consulting coming at you soon. what a pathetic group of predatory pandering pimps.

    ReplyDelete

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