By Michael Fryzel
The culture in our nation’s capital has become one in which not a day goes by without criticism being leveled against an individual. It occurs between our political parties, within each of the parties, by government officials and, of course, in the press.
This is not to say that some of the criticism is not deserved. Certainly if a law has been broken, a moral code breached or an ethical violation taken place, criticism is warranted and justice must be served. When at the highest levels of government there are abuses of public confidence and misuse of one’s position, it is best to preserve the integrity of an office for that person to resign. Clearly President Trump has recognized that as a given and has moved swiftly to fire and replace those he believes have violated the public trust. It’s an extreme measure, but must be used if warranted.
On the other side is the reality that no one is free from criticism. Regardless of what you do or how you do it, someone can find a reason to criticize your methods, techniques and applications. That is because we are all human, not perfect and make mistakes. In spite of those flaws, it does not mean we do not try our best and to do a good job.
Recently, an article appeared in the Washington Post critical of NCUA chairman Mark McWatters (CUToday.info has coverage here). The key point in the article was that McWatters choses to make use of today’s technology and conduct a good portion of time running the agency’s business from his home office in Dallas, rather than out of his office at NCUA headquarters in Alexandria, Va.
Although not a common practice in government, it is in private industry. It has become increasingly popular for multi-national CEOs to sit in one place and run a worldwide operation. When you have good staff, like McWatters does, anything is possible. And, of course, some of our younger generations believe that remote work is how the world works.
'Of Great Benefit'
Having served as the lead person on President Trump’s Transition Team for NCUA I have watched as McWatters has put in place the agenda that the president approved in the agency’s Action Plan that has been of great benefit for the credit union industry. Outdated and unnecessary regulations are being eliminated, NCUA is being reorganized and made more efficient, and credit unions are providing millions of Americans with the financial services they need. The agency hasn’t missed a beat and the chairman, regardless of where he is, does his job and does it well.
I commented to the Post reporter that when I served as chairman from 2008 to 2009 it was necessary to be in the office every day, all day. The financial world was in the midst of a crisis that required continuous meetings and discussions in order that the right decisions were made. Every staff person and every board member needed to be immediately available every day, all day. As a result we averted a situation that could have resulted in more than 2,000 credit unions ceasing to exist.
But that was then and this is now. There is no pending financial crisis. Everything is better than anyone could have foreseen in 2008. There is no need for every day, all day. How the agency is run now as opposed to then is like comparing night and day.
Each NCUA board member is appointed by the president and confirmed by the Senate. Individually, they report only to the president. While at NCUA and since leaving, I have never criticized how another board member maintains their schedule. When they are in the office, when they are travelling, and when they are working remotely, is up to them. I have always felt that if they are aware of and study the issues before them, attend monthly meetings and are able to cast an informed vote, they are doing their job.
Would Be a Great Leader of BCFP
In February of this year I publicly urged President Trump to appoint a permanent director of the Bureau of Consumer Financial Protection. At that time Mark McWatters was in the mix as a possible replacement. I said, “A Mark McWatters nomination and subsequent Senate confirmation will put the BCFP leadership in the hands of someone who has knowledge of the issues, is familiar with the territory, has the capability of putting forward a progressive agenda and is able to hit the ground running. It’s time for a permanent director at CFPB and that person should be Mark McWatters.”
I believed that to be true then and I believe it to be true today.
Mark has taken a kick to the gut. That is a daily occurrence for some in D.C. He can go sit in the corner with his Linus blanket and feel bad for himself, or he can use it to reenergize, continue the job the President gave him to do and move on to accomplish even more. Where he does it from is up to him. The important thing is that he is successful in doing it.
Michael Fryzel is the former chairman of the NCUA now in private practice in Chicago.