NCUA re-establishes AMAC as independent office
Examination Responsibilities for Ohio to Transfer to Southern Region
ALEXANDRIA, VA (December 1, 2022) — By notation vote, the National Credit Union Administration Board approved moving management and oversight of 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 NCUA Board also approved by notation vote the transfer of examination and supervision responsibilities for the state of Ohio from the Eastern Region to the Southern Region. Seventeen full-time employees will transfer from the Eastern Region to the Southern Region to support the realignment. Both actions are effective January 1, 2023.
“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. “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.”
The NCUA’s 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.
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. 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. Renamed the Asset Management and Assistance Center in 1996, it also provides training to NCUA and state credit union examiners.
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.