ALEXANDRIA, Va.-Citing efficiency improvements and a need to rebalance the agency's workload, NCUA is returning supervision of Nevada's 12 federally insured credit unions to NCUA's Region V office from Region I, beginning Jan. 1.
Oversight of Nevada's federally insured CUs has been part of the responsibilities of NCUA's Region I office, based in Albany, N.Y., since early 2009, when in response to the financial crisis and a great deal of economic trouble in the western states, the agency shifted responsibilities away from Region V to balance workload and address effective oversight.
"The return in supervision of Nevada's federally insured credit unions to Region V is a step toward normalizing our regional operations," said NCUA Board Chairman Debbie Matz.
Nevada was hit hard by the recent recession, with the state's unemployment rate at one point nearly tripling. But NCUA pointed out that economic conditions in the Silver State have improved along with the financial condition of its CUs. The delinquency ratio for Nevada's credit unions fell to 2.47% in September of this year, down from 6.42% in March 2009. Charge-offs dropped from a peak of 4.50% in March 2010 to 2.32% this past September.
Matz added, "This change will also improve NCUA's efficiency by cutting travel costs and ensuring that the supervision staff is closer to Nevada."
Headed by Regional Director Elizabeth Whitehead, NCUA's Region V office is located in Tempe, Ariz.