New top exam executive named at credit union regulator, replacing retiring director

Kelly Lay is the new top examination executive for the federal credit union regulator, the agency announced Monday, replacing the retiring top staffer at the start of the year.

The National Credit Union Administration said Lay, who replaces Myra Toeppe as head of the agency’s office of examination and insurance, is a 25-year veteran of the agency. She has served as an examiner, supervision analyst, director of supervision and insurance in regional offices, and was associate director of programs for the agency’s Region II. She takes over as office director on Jan. 1.

The agency said she was “also instrumental in guiding the development of the NCUA’s new examination system, the Modern Examination & Risk Identification Tool” (MERIT). She hold a BS (finance) from Illinois State University and earned a certified public accountant (CPA) certification in Illinois in 2002.

Toeppe is retiring after more than 10 years at the agency and 34 years of public service, including at other federal financial institution regulators.

The examination and insurance office for the agency oversees exams and supervision of federally insured credit unions, as well as manages risk for the National Credit Union Share Insurance Fund (NCUSIF), which insures credit union members’ savings.

Kelly Lay Named Director of the Office of Examination and Insurance