By unanimous consent with no vote, the Senate today confirmed Deborah Matz as chairman of the NCUA.
Matz, who was appointed by President in May, will take office at a time of enormous challenges to the credit union movement.
These include the effects of the recession on natural person and corporate credit unions, which has put a strain on the NCUSIF. In addition, the agency is working on its plan for revamping the structure of the corporate credit union system. Also, the industry is shrinking as a result of the mergers of some credit unions and the failure of others.
She brings to the task the experience she gained as a board member from 2002-2005 and her work as executive vice president/COO of Andrews Federal Credit Union. Before joining the NCUA Board, she worked on Capitol Hill and as a senior appointee in the U.S. Department of Agriculture during the Clinton administration.
Her appointment was well received on both sides of the aisle and her July 22 confirmation hearing before the Senate Banking Committee lasted only 23 minutes.
Matz will take the board seat currently held by Rodney Hood and succeed Michael E. Fryzel as chairman. Fryzel, who has been chairman since joining the board July 29, 2008, will remain on the board as a regular member until his term expires on August 2, 2013.
Gigi Hyland, a Democrat who was appointed by President Bush, is serving a term that expires August 2, 2011.
