ALEXANDRIA, Va.-NCUA announced it has assigned Kent Buckham, who was moved aside as chief corporate credit union examiner amid last year's implosion of U.S. Central FCU and WesCorp FCU, to be the first director of its Office of Consumer Protection.
The new office will begin in January to monitor credit union compliance with consumer rules and regulations and investigate consumer complaints.
Buckham, who was director of NCUA's Office of Corporate CUs for six years during a time when NCUA had on-site examiners at U.S. Central and WesCorp five days a week, was moved aside last November as the financial condition of both declined and was assigned as head of the agency's National Examination Team, which was charged with monitoring special cases of large, troubled credit unions. The special team is being disbanded, NCUA said last week.
The Office of Consumer Protection, the brainchild of NCUA Board member Michael Fryzel during his year as the agency's chairman is being created as Congress is creating its own Consumer Financial Protection Agency to conduct the same functions. NCUA and the credit union lobby, however, is hoping pending legislation on the new agency will exempt credit unions from being examined and leave that job to NCUA and state credit union regulators. If not, NCUA's new office will serve as a liaison with the proposed agency.
Buckham joined NCUA in 1976, and has served in a variety of capacities in both the field and central office.
