NCUA to restructure, close 2 regions; more to come
The NCUA on Friday announced a planned restructuring that, among other things, will result in a reduction of the agency's regions from five to three, with the Albany (Region I) and Atlanta (Region III) offices slated for closure.
NCUA says the changes to come are aimed at creating more efficiency, responsiveness and cost-effectiveness.
"NAFCU is encouraged that the NCUA is positioning itself for the future by committing to increasing efficiencies and eliminating waste," said NAFCU Director of Regulatory Affairs Alexander Monterrubio. "We look forward to learning more about these structural changes and their potential impact on our members."
The NCUA notes the creation late last year of internal review teams to rethink the agency's operations, discuss how it can re-tool to do its job better, and make recommendations to the board. Among the recommendations the board approved are:
- consolidate the agency's five regional offices into three by closing the Albany, N.Y., and Atlanta, Ga., offices and eliminate four of the agency's five leased facilities;
- create an Office of Credit Union Resources and Expansion by redefining and realigning chartering and field-of-membership, credit union development, grants and loans, and minority depository institutions programs;
- restructure the Office of Examination and Insurance into specialized working groups; and
- realign the Asset Management and Assistance Center to include changes to the servicing business model and moving to a financial supervisory structure.
NCUA also plans to eliminate agency offices with overlapping functions and improve functions such as examination reporting, records management, and procurement. The proposed plan anticipates a reduction in the agency's workforce by attrition. More details are expected during the agency's budget briefing this fall.
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