Debbie Matz, chairman of the NCUA board since August 2009, announced plans to step down from her post on April 30, according to Wednesday press release.

“I am proud of all that the 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.”

She was the eighth NCUA board chairman and served a total of 11 years at the NCUA. She was the only NCUA board member ever confirmed by the U.S. Senate for a second term. Her term ended on April 10, 2015.

In addition to serving on the NCUA board, she represented the regulator on the Federal Financial Institutions Examination Council, which she chaired from 2011 to 2013. Matz has also served on the Financial Stability Oversight Council since its inception in 2010.

Matz said she plans to take time off before pursuing new professional opportunities.

Matz took the helm of the board as the credit union system was in distress and on the brink of collapse. Corporate credit unions held $50 billion in toxic assets and threatened the credit union system as consumer credit unions faced billions of dollars in potential losses. The share insurance fund faced catastrophic losses with only $8 billion in assets at the time.

“We worked around the clock to prevent the collapse of the credit union system, when the outcome was really in doubt,” Matz said. “My top priority was to save as many credit unions as we could, minimize total losses, rebuild the Insurance Fund and stabilize the credit union system. We then focused on shoring up gaps in supervision, regulations, policies and procedures that threatened safety and soundness, and put new safeguards in place to stop the hemorrhaging and prevent the system from failing.”

The NCUA recovered losses from the Wall Street firms that contributed to the Great Recession, under Matz's tenure as board chairman.

“As I look back, I am extraordinarily proud of the NCUA's efforts to hold Wall Street accountable,” Matz said. “To date, we've recovered $2.4 billion in settlements with firms that sold faulty mortgage-backed securities to corporate credit unions, and I'm confident we will collect even more on behalf of credit unions in the future.”

Since 2009, the chairman held 19 in-person listening sessions and hosted 13 industry-wide webinars, as well as participated in meetings with tens of thousands of credit union officials representing every state.

“One of the best parts of this job has been traveling the country to visit with credit union officials, staff and volunteers, to hear their suggestions and, where possible, address their concerns,” Matz said. “Their commitment to member service is the gold standard and much admired throughout the world.

“Finally, I am deeply grateful to President Obama for providing me with the opportunity to serve the nation as the 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.”

NCUA Vice Chairman Rick Metsger praised Matz' steady hand during challenging economic times and said her leadership brought stability to the system in the aftermath of the Great Recession.

“She also provided flexibility for credit unions to meet today's changing economic conditions, so that they can continue to meet the financial needs of American consumers,” Metsger said. “I greatly admire how Chairman Matz addressed significant challenges head-on, and always through the prism of what is best for credit union members. Her leadership laid the groundwork for the recovery of the credit union system after the financial crisis and, more recently, significant growth in loans and capital. During the last seven years, membership at federally insured credit unions surpassed 100 million and shares and deposits broke through the $1 trillion dollar threshold. These are important and historic milestones.”

NCUA Board Member Mark McWatters praised Matz' public service.

I commend Chairman Matz for her years of dedicated service to the credit union industry as she steps down from her second term on the NCUA board,” he said. “Public service is a calling and the chairman answered that call and served with great distinction. I wish her well in the future.”

NAFCU President/CEO Dan Berger said his trade appreciates Matz' years of service to the NCUA and the credit union industry.

“NAFCU has had a productive working relationship with the agency under Chairman Matz' leadership that has led to important regulatory relief for the credit union industry. We wish her well in the future,” he said.

CUNA President/CEO Jim Nussle said he personally spoke with Matz immediately following her retirement announcement.

“When I talked to NCUA Chairman Debbie Matz, I expressed, on behalf of CUNA and our membership, our thanks and gratitude for her distinguished service to credit unions,” Nussle said. “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. Throughout the time I worked with her, she kept her door open, always willing to listen to our ideas and concerns about the needs of credit unions at (the) NCUA.”

Instant Insights /

Matz to Step Down as NCUA Chairman April 30

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