Editor’s Note: Former NCUA Chairman Michael E. Fryzel was a member of the Transition Team for the Trump Administration. He was assigned the task of reviewing the National Credit Union Administration and preparing their Agency Action Plan, the tool that would be used to put forward the President’s agenda for the federal government. In a series of three articles, Fryzel discusses the preparation for the transition, the method used to evaluate NCUA and writing the Agency Action Plan. Below is the first of those three articles.
By Michael Fryzel
It is the envy of the entire world. It has endured for more than 220 years and is an event fascinating to watch. It is the peaceful transfer of power between the political parties in the United States of America. It is an achievement that takes tremendous effort and cooperation between the parties and insures that the largest government structure in the world continues to operate without missing a beat.
Most individuals are under the impression that the transition starts the day after the Presidential election held every four years in November. In reality, it begins many months before that time when both parties separately begin to assemble the apparatus needed to be put in place should their candidate win the election.
It all starts by selecting a core group of people who are empowered to put together the infrastructure and tools needed to review all aspects of the federal government. Included in this is the selection of a location that will become the base for the decision making process; creating a network of computers and cell phones that will be used as the core of communication amongst all transition participants; formulating a narrative on every department, agency or commission; drafting a list of individuals with a background in specific areas of the government who could be called upon to work on the transition; and developing a timetable of critical dates that must be met in order to achieve the goal of a successful transition. All this is necessary in order to be prepared to hit the ground running on the day after the election and maintain an aggressive pace up to and in some cases beyond Inauguration Day.
An Experience Not to be Forgotten
I have had the opportunity to be involved in two transitions of government in the State of Illinois. Both of those experiences pale in comparison to the magnitude of a federal transition. Watching it take place, while being a part of it, is an experience I will not forget.
I received my first communication about serving on the Transition Team in early October, 2016. The first requirement prior to being named to the Team was to fill out a series of disclosure documents ranging from a confidentiality agreement to a Transition Code of Ethical Conduct. Upon securing a security clearance I received my assignment to the group charged with the review of all the federal financial regulatory agencies such as Treasury, Securities Exchange Commission, Federal Deposit Insurance Corp., Consumer Financial Protection Bureau and NCUA, among others.
Interesting & Educational
It would have been interesting and educational to be part of the review of any of those agencies, but having served as chairman of NCUA, I was asked to be the lead transition person at the agency for which I was most knowledgeable.
I eagerly accepted the position believing that having been away from the agency for 2 ½ years, but still aware of the issues impacting the credit union industry, I would be able to look at the agency with fresh eyes, or at least with ones that have cleared a little since I left, objectively review their structure and programs and develop an Agency Action Plan that would enable the new administration to achieve the goals of a smaller government, less regulation and greater efficiency.
In part two of this series I will discuss my experience at NCUA as the lead transition person and the process I used in evaluating the agency.
Michael Fryzel is a former chairman of NCUA and now in private practice in Chicago.