National Credit Union Administration Chair Debbie Matz will conduct the last board meeting of her tenure today and will leave the agency April 30.
News Now had an opportunity to sit down with Matz and discuss her time with the NCUA, as well as her thoughts on the credit union system going forward.
Q: What memories from your time at NCUA stick out the most?
A: After laboring over how to deal with legacy assets and coming up with innovative plans to sell NCUA guaranteed notes, I have to confess at this time that we had no Plan B. We were incredibly nervous about whether or not the securities would be sold; whether they’d be sold in the U.S. or we’d have to go overseas; and whether or not anyone would be interested in them.
So when the first round of notes was offered, and we raised more than $1 billion in just one hour, and the offering was oversubscribed, that definitely is a very good memory.
When we became the first federal depository institution regulator to earn recoveries from Wall Street firms that contributed to the crisis, and our billion-dollar recovery from JPMorgan stands out.
Although the one we had this week was half a billion dollars from Goldman Sachs, another recent but very good recovery, another very good day.
We’ve recovered more than $3 billion, and that really will help us achieve our goal of not having any more assessments and perhaps even rebating credit unions after 2021.
I have some great memories of visiting credit unions--chartering The Finest FCU in New York City, which is serving first responders, and participating in the grand opening outside City Hall with some of the [New York Police Department] veterans and local political leaders. That credit union is really thriving, and that’s a great memory also.