The office that carries out the agency’s work related to credit union liquidations, conservatorships, recoveries, and various consulting and training activities is being moved out of the Southern Region and will once again be an independent office, the National Credit Union Administration said Thursday.
The Asset Management and Assistance Center (AMAC) will be led by the president of AMAC – now a dedicated position – who will serve as the key advisor to the NCUA Board on related matters and report to the NCUA Office of Executive Director, the agency noted.
In addition, the agency is moving examination and supervision responsibilities for the state of Ohio from the Eastern Region to the Southern Region. It said 17 full-time employees will transfer to support this realignment.
The NCUA Board approved both changes by notation vote and made them effective Jan. 1, 2023, according to Thursday’s release.
The agency said 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 (NCUSIF). This individual will also lead AMAC’s additional responsibilities such as technical assistance and consulting related to conservatorships, real estate and consumer loans, appraisals, bond claim analysis, and accounting records reconstruction.
AMAC 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. Its 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.
“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.”