NCUA announced today that after after roughly four years, Nevada's 12 federally insured credit unions will return to the agency's Region V, headquartered in Tempe, Arizona.
The credit unions had been part of NCUA's Region I, headquartered in Albany, New York, since early 2009.
The agency had made the move as part of its strategy to help insure credit union safety and soundness during the Great Recession, the agency said.
“During the Great Recession, NCUA had to take prudent steps to rebalance workload and enhance oversight to protect Nevada’s federally insured credit unions and their nearly 192,000 members,” NCUA Board Chairman Debbie Matz said. “The return in supervision of Nevada’s federally insured credit unions to Region V is a step toward normalizing our regional operations.”
The agency cited Nevada's dire economic conditions for sparking the move to Region I and its improving conditions, including a sharp drop in credit union delinquencies in the state, for moving the credit unions back to Region V.
“This change will also improve NCUA’s efficiency by cutting travel costs and ensuring that the supervision staff is closer to Nevada, Matz added. The agency is appreciative of the hard work performed by Region I staff in supervising Nevada’s federally insured credit unions, which involved many weeks on the road and away from their homes and families.”