NCUA’s AMAC Office to Function Independently
The agency also approved moving Ohio out of the Easter Region into the Southern Region for exam and supervision responsibilities.
The NCUA Board voted, by notation, to approve moving the management and oversight of the Asset Management and Assistance Center (AMAC) out of the Southern Region to an independent office, which will be led by a yet-to-be-named President of the center.
In a statement released Thursday by the federal agency, Board members also approved the move to transfer examination and supervision responsibilities for the state of Ohio out of the Eastern Region to the Southern Region. According to the NCUA, 17 employees will transfer out of the Eastern Region to the Southern Region “to support the realignment.”
Both items approved by the Board will be effective Jan. 1, 2023.
The agency’s 2022-2023 approved budget allocated money to have the AMAC President position become a dedicated one “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.”
Currently, Keith Morton serves as regional director for the Austin, Texas-based Southern Regional office as well as president of the AMAC.
In an email to CU Times, an NCUA spokesperson indicated that the selection process for finding the AMAC President is currently underway. “The NCUA is in the process of selecting the AMAC president. Keith Morton will continue to serve as Regional Director and as AMAC president as needed,” the email read.
According to the NCUA, the AMAC President will lead the center’s efforts in conservatorship consulting, real estate and consumer loans, appraisals, bond claim analysis and accounting records reconstruction.
NCUA Board Chairman Todd Harper said, “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. 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.”
The NCUA currently has three regional offices: Eastern, Southern and Western. As of Jan. 1, 2023 the regional offices will cover credit unions in the following locations:
- Eastern Region: Connecticut, Delaware, the District of Columbia, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia and West Virginia.
- Southern Region: Ohio, Texas, Oklahoma, Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Louisiana, Mississippi, North Carolina, Puerto Rico, South Carolina, Tennessee and the U.S. Virgin Islands.
- Western Region: Alaska, Arizona, California, Colorado, Guam, Hawaii, Idaho, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Utah, Washington, Wisconsin and Wyoming.
As of the first of the year and subject to final approval of the NCUA’s budget, the Southern Region will have 149 examiners and 16 supervisory examiners. The Eastern Region will have 165 examiners and 19 supervisory examiners, according to an NCUA spokesperson.