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NCUA Chair Matz to Step Down April 30
Thursday, March 10, 2016 6:45 AM

On Wednesday, National Credit Union Administration Board Chairman Debbie Matz announced her decision to step down at the end of April. Matz has led the agency, which supervises more than 6,000 credit unions with $1.2 trillion in assets, since August 2009. She submitted her letter of resignation to President Barack Obama Wednesday morning.

“I am proud of all that NCUA has accomplished to bring stability, advance growth and promote flexibility in our nation’s credit unions,” Matz said. “Through the hard work of credit union officials and NCUA staff, the credit union system rebounded mightily from the depths of the Great Recession. Virtually every metric indicates the credit union system today is strong and resilient.”

When Matz became chairman, the credit union system was on the brink of collapse. The survival of the system was threatened by corporate credit unions holding $50 billion in toxic assets and consumer credit unions facing billions of dollars in potential losses. Such catastrophic losses would have wiped out the National Credit Union Share Insurance Fund, which at the time had only $8 billion in assets.

Under Matz’s leadership, NCUA became the first federal financial institutions regulator to recover losses from the Wall Street firms that contributed to the Great Recession. NCUA’s net proceeds from those recoveries have reduced the total amount and need for assessments paid by consumer credit unions, and increased the likelihood of a future rebate. To date, NCUA has recovered $2.4 billion in settlements with firms that sold faulty mortgage-backed securities to corporate credit unions.

“I am deeply grateful to President Obama for providing me with the opportunity to serve the nation as NCUA Board Chairman,” Matz said. “As I recently told the President, this has been the most challenging and gratifying position I have held and a wonderful capstone to my 32 years of public service.”

Credit Union National Association President/CEO Jim Nussle personally spoke to Matz following her announcement. “When I talked to NCUA chair Debbie Matz," Nussle said, "I expressed, on behalf of CUNA and our membership, our thanks and gratitude for her distinguished service to credit unions. As our regulator, she most recently made substantial progress in removing barriers to credit union service by cutting back regulations related to member business lending and field of membership."

"Debbie Matz has been a dedicated credit union regulator during both of her terms on the NCUA Board," said Cornerstone Credit Union League CEO Dick Ensweiler. "As Chair, she has led the organization doing what she truly believed to be in the best interests of credit unions. Debbie has been available and open to discussion and feedback. We especially appreciate this past year with the agency’s emphasis on deregulation. We wish her a long and happy retirement."