The executive director of the federal credit union regulatory agency is leaving his post earlier than originally planned, a credit union industry trade report said Thursday.
The National Credit Union Administration (NCUA) earlier announced that Mark Treichel would retire from his executive director post June 30. He has been with the agency for 33 years. Since he’s leaving that position early, Larry Fazio, currently the agency’s director of examination and insurance, will move into the executive director post early as well, according to the report by CUToday.info. Additionally, agency Chief Financial Officer Rendell Jones will become deputy executive director and chief operating director.
While Treichel is leaving his post early, the report said he will still remain with the agency’s Office of Executive Director until June 30 to help with the transition.
CUToday.info later updated its story with a statement attributed to the NCUA: “When Mark Treichel announced his intent to retire in January of this year, he agreed to serve double encumbered as Executive Director through June, so the NCUA could do the appropriate knowledge transfer among Mark and the new leadership team in the Office of the Executive Director. The power the Board delegated to the Executive Director was initially planned to transfer to Larry Fazio on May 1, 2020, although Mark would continue to serve double encumbered as Executive Director through June. At Mark’s recommendation, the Board decided the agency would be best served by transferring the Board delegations to Larry now because experience taught Mark that moving the Executive Director delegations midstream during the coronavirus crisis would not best serve the agency. Mark and Larry will continue to serve double encumbered as Executive Director until June 30, 2020.”