August 24, 2016 5:21 AM ET

Company Overview of National Credit Union Administration

Company Overview

1775 Duke St.

Alexandria, VA 22314-6113

United States



Key Executives for National Credit Union Administration

Chief Financial Officer
Chief Operating Officer
Chief of Staff
Chief Information Officer
General Counsel
Compensation as of Fiscal Year 2016.

National Credit Union Administration Key Developments

National Credit Union Administration Announces Board Changes

National Credit Union Administration Vice Chairman Rick Metsger to be the ninth chairman of the credit union regulator's board. Metsger succeeds Debbie Matz, who stepped down as chairmanon April 30. Credit unions are watching the now two-member board closely since Matz, who was chairman for more than six years and had been serving as a holdover since her term expired in April 2015, unexpectedly announced she was resigning. Meanwhile, earlier this year President Obama nominated Board Member J. Mark McWatters for a seat on the board of the Export-Import Bank. If the senate approves McWatters to that position before Obama nominates (and the senate approves) another NCUA board member, the CU regulator's governing body could drop to just one member - Metsger. Metsger joined the NCUA board in August 2013. The board unanimously elected him as vice chairman in September 2014.

The National Credit Union Administration Selects Cherie Freed as Regional Director of Region V Office in Tempe, Arizona

The National Credit Union Administration has selected Cherie Freed as Regional Director of the agency's Region V office in Tempe, Arizona. Freed will be replacing current Regional Director Elizabeth Whitehead, who will retire in May. Region V covers Alaska, Arizona, California, Guam, Hawaii, Idaho, Nevada, Oregon, Utah and Washington. Freed joined NCUA in 1987 as a credit union examiner, following two years in the private sector. Before her selection as Regional Director, she served as the associate regional director for operations in Region V.

NCUA Enters into Settlement of $69.8 Million against UBS for Claims Stemming from Losses of Two Corporate Credit Unions

The NCUA announced a settlement of $69.8 million against UBS for claims stemming from losses of two corporate credit unions. The settlement stems from litigation against UBS for losses by Members United Corporate FCU and Southwest Corporate FCU related to purchases of residential mortgage backed securities. While the amount does not yet include attorneys' fees and expenses, the settlement increased from the original amount accepted by the regulator in February from $33 million in damages. To date, the NCUA has obtained more than $3.1 billion in legal recoveries in litigation related to the sale of faulty securities to corporate credit unions. The NCUA uses the net proceeds from these settlements to repay the stabilization fund's outstanding borrowings from the U.S. Treasury and to decrease the amount that surviving credit unions must pay to recoup the losses of the corporate credit union system.

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