X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

It all depends on what the meaning of recently is.Debbie Matz, President Obama’s nominee for chairman of the NCUA, served as chief operating officer at Andrews Federal Credit Union in Suitland, Md., until last June 18. And that could pose a problem to her serving on the NCUA Board.According to the Credit Union Membership Access Act, with emphasis added, “Not more than one member of the Board may be appointed to the Board from among individuals who, at the time of the appointment, are, or have recently been, involved with any insured credit union as a committee member, director, officer, employee or other institution-affiliated party.”Rep. Paul Kanjorski (D-Pa.), the measure’s main sponsor, declined through a spokeswoman to say what lawmakers meant when they crafted the language.Board Member Gigi Hyland served as senior vice president and general counsel for Empire Corporate Federal Credit Union in Albany, N.Y., until a few days before joining the board in 2005.Several attorneys familiar with credit unions said that “recently” is often interpreted to mean within the last year.A spokesman for the Obama administration said that the administration was “comfortable that the appointment will satisfy the statutory requirement.”Matz left Andrews FCU after serving as acting CEO for several months and was not named to the position permanently. She characterized her departure at the time as “by mutual agreement.” Before joining Andrews in 2006, she was a member of the NCUA board from 2002-2005. Prior to that, she held a variety of staff positions in both the executive branch and on Capitol Hill.If Matz is confirmed as chairman of the NCUA Board, she would receive an annual salary of $162,900. The other two members receive annual salaries of $153,200.She would also have the chance to name new staff members, her own chief of staff and staff assistant and a director of the Office of Public and Congressional Affairs.NCUA Chairman Michael E. Fryzel would become a regular board member, and Matz would occupy the seat on the board currently held by NCUA Vice Chairman Rodney Hood.Obama announced his intent to nominate Matz on May 21 and sent her nominating papers to the Senate on June 1. The Senate Banking Committee has not announced when it will hold a confirmation hearing for her.–[email protected]

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.