NCUA Asset Management and Assistance Center to Be Independent Office
Agency board votes to establish separate AMAC office, move state of Ohio to Southern Region.
The NCUA board has approved a plan to establish the Asset Management and Assistance Center (AMAC) as an independent office.
It previously was part of the agency’s Southern Region.
The office will be led by the current president of the AMAC, who will report to the NCUA’s executive director.
The agency board also approved the transfer of examination and supervision responsibilities for the state of Ohio from the Eastern Region to the Southern Region. As part of the plan, 17 full-time employees will likewise make the move from the Eastern Region to the Southern Region.
The board approved the moves in a notation vote, with the transfers becoming effective on Jan. 1.
NCUA Seeking Balance in Changes
“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 Harper said, in announcing the moves.
Officials said that the AMAC President will serve as an advisor to the NCUA on such issues as implementing liquidation payouts, managing assets acquired from liquidators and managing recoveries from the Share Insurance Fund.
The president also will lead the 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.