NCUA re-establishes AMAC as independent office
The NCUA Board approved by notation vote moving management and oversight of Asset Management and Assistance Center (AMAC) activities from the Southern Region to an independent office led by the president of AMAC. The AMAC president will report to the Office of Executive Director.
The board also approved by notation vote the transfer of examination and supervision responsibilities for the state of Ohio from the Eastern Region to the Southern Region. Seventeen full-time employees will transfer from the Eastern Region to the Southern Region to support the realignment. Both actions are effective January 1, 2023.
The NCUA’s approved 2022–2023 budget allocates funds to re-establish the AMAC President as a dedicated position 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.
The president will also lead AMAC’s additional responsibilities, which include technical assistance and consulting related to conservatorships, real estate and consumer loans, appraisals, bond claim analysis, and accounting records reconstruction.
The Asset Management and Assistance Center is the successor to the Asset Liquidation and Management Center that was created in 1990 to handle problem assets the NCUA acquires from both operating and liquidating credit unions.
The office’s role has expanded to include providing consulting services to the NCUA regional offices on such topics as lending analysis, records reconstruction, and fraud investigation.
Renamed the Asset Management and Assistance Center in 1996, it also provides training to NCUA and state credit union examiners.