NCUA to Eliminate Region I Office

on 12:37 PM

In its first structural overhaul since 2003, the Albany Region I office of the National Credit Union Administration will be eliminated. Vermont credit unions are under the oversight of the Albany Region I office.  Also being eliminated is the Atlanta Regional office, leaving only three regional offices for the entire country. The Agency will also eliminate four of the five facilities it currently leases. In other aspects of the restructuring . . .

The Office of examination and Insurance will be split into specialized working groups.
The Asset Management and Assistance Center will change to a servicing business model and move to a financial supervisory structure.
An Office of Credit Union Resources and Expansion will be created.
Offices with overlapping functions will be eliminated to improve examination reporting, records management and procurement.

Although details of the financial impact of the proposed changes have not been released, the changes will be discussed in further detail during the NCUA's fall budget briefing. No job cuts are expected, but the overall workforce will shrink as the result of attrition.

The changes are being generally praised by various industry sources. For more details and commentary on the changes read coverage by CU Journal, CU Times and CUNA.

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