By Michael Fryzel
Whether you call it--a working group, study group, advisory panel, committee or think tank--a gathering of individuals to discuss a subject of shared interest could produce outstanding results if, it is done right.
NCUA’s recent announcement that it will form a working group to review the field of membership (FOM) regulations and how they can be expanded and improved is a great first step. Another group is to be charged with reviewing the issue of supplemental capital.
In order to accomplish what will be mutually embraced by both the regulator and regulated it is important that the group and its directive be open and clear with its discussion, and that findings made known to everyone.
In order to achieve such results, I believe it is important that the group consist of individuals from NCUA, representatives from the two trade associations and NASCUS, plus credit union CEOs and/or advocates. A diverse group will hear and consider ideas from all sides of the issue and be provided with as many options as possible. The names and emails of the individuals should also be available so others may transmit their thoughts to them.
In addition, it is important that the group agree to a set number of meeting, the dates of those meetings be publically announced, a record kept of the discussion for all to read, and a formal report issued to the public and press.
Leading The Efforts
The FOM group’s facilitator will be Matt Biliouris, a veteran NCUA employee with experience in the agency’s Office of Examination and Insurance and in the Office of Consumer Protection. In addition, Matt gained invaluable experience working as my executive assistant during my year as chairman. Matt was at all the meetings held with staff, trade association representatives and credit union CEOs. He saw the value of the interaction between the individuals and the insight gained from listening to those on the front lines as we worked through the corporate crisis. I am certain he will be able to use what he learned from that time to successfully coordinate the discussion and arrive at conclusions that will be of benefit to the industry.
The supplemental capital group’s facilitator will be Bill Myers, director of the Office of Small Credit Union Initiatives. Bill’s experience working with small credit unions and their handling of supplemental capital will bring knowledge and expertise to the group’s discussion.
The opportunity for success of Matt’s and Bill’s groups can be of great significance in achieving good, solid changes to regulations in need of updating.
The keys to such success are simple: inclusion, open discussion, public access to all findings and recommendations and of course the new word of 2014, transparency.
Michael Fryzel is a former chairman and board member of the National Credit Union Administration, and now in private practice. Mr. Fryzel can be reached at meflaw@aol.com.