NCUA Names New Director of the Office of Examination and Insurance

The NCUA named Kelly Lay, the current Director of the Office of Business Innovation, to be the new Director of the Office of Examination and Insurance.

Kelly LayAs Director of the Office of Examination and Insurance, Lay will oversee the NCUA’s examination and supervision program that ensures the safety and soundness of federally insured credit unions and manages risk to the National Credit Union Share Insurance Fund. She will assume her new duties on Jan. 1, 2022.

“Kelly brings to her new position deep experience in examining and supervising credit unions of all sizes, incorporating technology into the examination program, and managing data assets,” Chairman Todd M. Harper said. “She will be a valuable addition to the Office of Examination and Insurance, and I look forward to working with her in this new leadership role.”

Lay joined the NCUA in 1996 as an examiner in Chicago. Since that time, she has also served as a Supervision Analyst, the Director of Supervision and the Director of Insurance in multiple regional offices, and the Associate Director of Programs in the former Region II. She was also instrumental in guiding the development of the NCUA’s new examination system, the Modern Examination & Risk Identification Tool or MERIT.

Lay graduated from Illinois State University with a Bachelor of Science degree in finance. She earned her Certified Public Accountant certification in Illinois in 2002.

Lay succeeds Myra Toeppe, who is retiring after more than ten years at the NCUA and 34 years of public service.

“Myra led the Office of Examination and Insurance during a period of heightened challenges resulting from the COVID-19 pandemic and associated economic downturn,” Chairman Harper said. “She has been a valuable member of the NCUA team. I thank Myra for her decades of federal service and wish her the best in her retirement.”