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NCUA just announced that the agency plans to reorganize its operations. The agency will consolidate the five regional offices into three by closing the Albany, New York, and Atlanta, Georgia offices and eliminate four of the agency’s five leased facilities. NCUA will also:
We commend Chairman McWatters for his efforts to modernize agency operations by finding efficiencies and eliminating redundancies. We look forward to continuing to actively engage with the Chairman as he continues to drive the agency towards reducing regulatory and examination burdens for credit unions.
ALEXANDRIA, Va. (July 21, 2017) — Greater efficiency, responsiveness, and cost-effectiveness are goals of a long-range agency restructuring plan the National Credit Union Administration Board announced today.
“The time has come for the NCUA business model to change,” Board Chairman J. Mark McWatters said. “Positioning the NCUA to meet the changing demands of the credit union system we regulate in a transparent and fully accountable manner while promoting efficiency and effectiveness is essential. Re-evaluating our operations is integral to fulfilling our statutory responsibilities to protect the deposits of the nearly 108 million credit union members while maintaining the safety and soundness of the Share Insurance Fund and the viability of the credit union system.”
“Months of very hard work by agency staff have produced a solid, commonsense plan that will help the agency respond to a new economic environment without sacrificing its ability to ensure the safety and soundness of our credit union system,” Board Member Rick Metsger said. “The restructuring effort will come together over a period of years, and credit unions will reap tangible benefits from our work.”
The agency created internal review teams in late 2016 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:
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.
Additional details of the agency’s plan, including projected cost savings, will be available at the upcoming fall budget briefing. The most recent agency restructuring occurred in 2003.
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