Before we conclude today's Board meeting, I'd like to make a statement. On behalf of the National Credit Union Administration, I would like to take a moment to express our sincere gratitude to Executive Director, Mark Treichel for his 34 years of dedicated service to this agency, and congratulate him on his upcoming and I say well deserved retirement. Mark has been a tremendous asset to this agency and has made a measurable impact on credit unions throughout the country.
Since beginning his career at NCUA, he's held various positions, including Problem case officer, supervisory examiner, director of special actions, associate regional director, regional director and acting director of corporate credit unions. In each of these roles, he personified professionalism, leadership and dedication and support of the nation system of cooperative credit.
As Executive Director, he modernized the NCUA security program by establishing a dedicated office and a secure communications facility. He also strengthened and advanced the agency's diversity and inclusion program, initiated a program to modernize all core agency IT platform and changed the agency's focus to enable more strategic planning and decision making.
One of his lasting contributions to the agency includes developing and leading the most comprehensive reorganization ever undertaken by the NCUA. This included consolidating five regions into three, reducing leased office space by 80 percent and realigning many internal functions to maximize efficiency.
Additionally, he was a key leader in resolving the corporate credit union crisis from 2009 to 2011. Besides having a lead role in conserving the two largest corporate credit unions we've had, he was also responsible for the sale and securitization of $28 billion and NCUA Guaranteed Notes, which were critical to the successful least cost resolution.
It goes without saying that he will be sorely missed, as I and many others throughout the NCUA have counted on his guidance, inclusive leadership style and solid advice over the years.
Mark, as you enter a new and exciting chapter of your life, we honor you. We commend your outstanding accomplishments and hope your retirement will be a time of discovery and fulfillment for you and your family.