ALEXANDRIA, Va.–NCUA has approved moving management and oversight of its Austin, Texas-based Asset Management and Assistance Center (AMAC) activities from the Southern Region to an independent office led by the president of AMAC.
The AMAC president will report to the Office of Executive Director, the agency said.
The change was approved by a notation vote by its board.
The NCUA board also approved by notation vote the transfer of examination and supervision responsibilities for the state of Ohio from the Eastern Region, which is overseen from the agency’s Alexandria, Va., headquarters, to the Southern Region, which is headquartered in Austin, Texas. Seventeen full-time employees will transfer from the Eastern Region to the Southern Region to support the realignment.
Both actions are effective Jan. 1, 2023, NCUA said. The agency’s Western Region is headquartered in Tempe, Ariz.
“These actions will achieve a more equitable distribution of regional staff and workload among our three regions, minimize disruptions to employees and state regulators, and improve agency effectiveness,” NCUA Chairman Todd M. Harper said in a statement. “I look forward to working with the AMAC President under the new structure and in support of AMAC’s mission to promote consumer confidence in the credit union system and minimize insurance losses.”
Funds Approved
NCUA noted its approved 2022–2023 budget allocates funds to re-establish the AMAC president as a “dedicated position to serve as the key advisor to the NCUA board on matters like implementing liquidation payouts, managing assets acquired from liquidations, and managing recoveries for the National Credit Union Share Insurance Fund. The President will also lead AMAC’s additional responsibilities, which include technical assistance and consulting related to conservatorships, real estate and consumer loans, appraisals, bond claim analysis, and accounting records reconstruction.”
As CUToday.info reported earlier, and as NCUA explained, the Asset Management and Assistance Center is the successor to the Asset Liquidation and Management Center that was created in 1990 to handle problem assets the NCUA acquires from both operating and liquidating credit unions.
Expanded Role
“The office’s role has expanded to include providing consulting services to the NCUA regional offices on such topics as lending analysis, records reconstruction, and fraud investigation,” the agency said. “Renamed the Asset Management and Assistance Center in 1996, it also provides training to NCUA and state credit union examiners.”