The National Credit Union Administration, the regulator of the nation's credit unions, said it plans to add 78 staff members, including 60 examiners, to its payrolls. The agency currently has 700 examiners.
Duties of new hires at the Alexandria, Va.-based NCUA will include examining federal credit unions and working with them to ensure risk is being reduced and costs are being controlled. The agency regulates approximately 7,400 federally-insured credit unions.
As opposed to banks, which seem to be failing every other week, credit unions aren't dropping like flies. Over the past 10 years, closures have hovered in the mid-teens for most years, with the most taking place in 2000 (a high of 20).
Hiring is expected to take place in 2011. The NCUA didn't respond to requests for comment before press time.
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