January 26, 2015 5:46 AM ET

Company Overview of National Credit Union Administration

Company Overview

1775 Duke St.

Alexandria, VA 22314-6113

United States

Phone:

7035186330

Key Executives for National Credit Union Administration

Chief Financial Officer
Chief Operating Officer
Chief of Staff
General Counsel
Director for Office of Human Resources
Compensation as of Fiscal Year 2014.

National Credit Union Administration Key Developments

National Credit Union Administration Sues Deutsche Bank over Failed Credit Unions

The National Credit Union Administration claims the Deutsche Bank unit violated federal and New York state law by failing to perform its duties as trustee for 121 pools of mortgage-backed securities in which five corporate credit unions invested. NCUA is seeking an undetermined sum in damages and legal costs. The five corporate credit unions-U.S Central, WesCorp, Members United, Southwest and Constitution State-failed in large part because of massive losses connected to their investments in mortgage-backed securities. NCUA says the five purchased $140 billion of securities from the 121 pools for which Deutsche Bank served as trustee. According to NCUA's complaint, the mortgages that comprised the pools in which the five corporate credit unions invested were originated between 2004 and 2008. By January 2009, delinquency rates in 118 of the 121 pools had climbed above 10%. Two years later, losses had surged past $18 billion and credit ratings for all of the pools had been downgraded to junk status, rendering them worthless.

National Credit Union Administration Appoints Rendell Jones as its Chief Financial Officer, Effective October 20, 2014 Replacing MaryAnn Woodson

National Credit Union Administration board Chairman Debbie Matz announced the selection of Rendell Jones as the agency's chief financial officer. Jones succeeds MaryAnn Woodson, who is retiring in November after 35 years of public service. Jones will begin his duties effective October 20, 2014. The chief financial officer's responsibilities include preparation and management of the agency's budget, finance and accounting functions; administration of credit union operating fees and capitalization deposits; and daily operations of the National Credit Union Share Insurance Fund. Jones joins NCUA from U.S. Citizenship and Immigration Services, where he was associate director for management and served as the agency's acting deputy director from December 2013 to July 2014. Prior to that appointment, Jones served as USCIS's chief financial officer. He previously served as deputy budget director at the Department of Homeland Security.

NCUA Announces Executive Changes

Rendell Jones has been named the NCUA's new CFO. He succeeds MaryAnn Woodson who will retire in November after 35 years of federal service. Jones, who will start his new job Oct. 20, joins the NCUA from U.S. Citizenship and Immigration Services, where he was associate director for management and served as the agency's acting deputy director from December 2013 to July 2014. Before that position, he was the USCIS's CFO and also served as deputy budget director at the Department of Homeland Security.

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