NCUA General Counsel Robert Fenner and Office of Examination and Insurance Director Melinda Love both plan to retire later this year, the agency announced last week.
Fenner, who is scheduled to retire on Aug. 1, will be succeeded by Deputy General Counsel Michael McKenna.
While at the NCUA, his accomplishments have included drafting the first troubled credit union regulation and the first member business loan rule after the 1998 passage of the Credit Union Membership Access Act, which mandated the current statutory limit of 12.25% of assets.
Love will be succeeded by Deputy Executive Director Larry Fazio. She will leave her current post on Au. 1 and serve as deputy executive director until Dec. 31.
Fazio has been the point person on the NCUA’s efforts to rescue the corporate credit union system
NCUA Chairman Debbie Matz said in a statement she has worked with McKenna “in a number of roles over the years and have always been impressed with his intellect, creativity and leadership skills. He has big shoes to fill, but I am confident he will do so splendidly.”
She said Fazio as a proven leader who brings “an extraordinary wealth of experience to the position that will benefit the agency and the credit union industry.”
The agency also announced it plans to make the Office of Capital Markets part of the Office of Examination and Insurance.