By David S. Brown, Esq.
On August 1, 2011, the National Credit Union Administration (“NCUA”) implemented five senior personnel changes.
- Robert M. Fenner, the NCUA’s long-time general counsel has retired
- Michael J. McKenna, previously the NCUA’s deputy general counsel, is the NCUA’s new general counsel
- Melinda A. Love, formerly the director of the Office of Examination and Insurance (“E&I”), replaced Larry D. Fazio as NCUA’s deputy executive director. She will remain in this position until her retirement in December
- Larry D. Fazio will take over as the new director of E&I
- The Office of Capital Markets, directed by J. Owen Cole, Jr. will become a division of E&I
As general counsel for more than 35 years, Robert Fenner worked with every administrator, chairman and board member in NCUA’s history, dating back to 1974. He is credited with having provided invaluable counsel and leadership in creating the agency’s legal framework, regulatory policy and ethics programs. Fenner’s replacement, Michael McKenna, is known for drafting the first troubled credit union regulation in 1990; the first member business loan rule after the passage of the Credit Union Membership Access Act (“CUMAA”) in 1998; and the first Chartering and Field of Membership Manual after the passage of the CUMAA.
Melinda Love’s return to the deputy executive director position will allow Larry Fazio to start his tenure as director of E&I during Love’s last few months with the agency. According to Debbie Matz, NCUA’s Chairman, the “switch will ensure experienced leadership is in place to successfully accomplish the agency’s mission, creating a seamless transition and continuous oversight of our most critical functions.” Fazio has served as NCUA’s deputy executive director since May 2008.
Finally, the NCUA Board voted to realign the Office of Capital Markets as a new third division within E&I. “This critical office has become increasingly involved in proposed rulemakings, policy statements, guidance, training and other activities. The organizational change will better integrate all examination program activities within one office and facilitate the establishment of consistent national standards for credit unions.”
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. While the agency plans to increase travel, administrative and contracted services by $900,000, it was able to reduce its total budget by $2 million as a result of reduced personnel costs.
David S. Brown is an Associate in Commercial Collections, focusing on the Commercial Banking, Commercial Business, Special Collections and Commercial/Agency Services Groups. He is based in the Cleveland office. David can be reached at (216) 685-1062 or email@example.com.
 NCUA Media Release, NCUA Selects New Leaders in General Counsel, Examination & Insurance Offices, Alexandria, VA., June 21, 2011, http://www.ncua.gov/news/press_releases/2011/MR11-0621NCUAPromote%20NewLeadersinOGCEI.pdf
 Marx, Claude R., Onsite Coverage: NCUA Chops $2 Million Off Budget, Credit Union Times, July 21, 2011, http://www.cutimes.com/2011/07/21/onsite-coverage-ncua-chops-2-million-off-budget