Michigan Financial Institutions Bureau (FIB) Examination Division Director Ann Gaultney has been elected President of the National Association of Consumer Credit Administrators (NACCA).

NACCA is a national organization representing the nation's state regulators of nondepository lending institutions.

Ms. Gaultney has served as an officer of NACCA since 1991, and notes that she is honored to be her peers' choice to head the organization.

Commenting on her election, Ms. Gaultney said, "I look forward to working with my state counterparts to continue our ongoing effort to assure effective and efficient oversight of the licensed lending business across the country."

Acting FIB Commissioner Gary Mielock stated, "The consumer finance area is facing several difficult issues and I am pleased that Ann will be leading NACCA during the coming year. Her experience in regulating Michigan's active and growing nondepository financial services business, combined with her years of service as an officer and director of NACCA, is excellent preparation for her presidency."

The Financial Institutions Bureau is the primary regulator of Michigan's state-chartered banks, savings banks, credit unions, and over 5000 other licensed lenders. The bureau is 100% fee-funded, requiring no public tax dollars for its supervisory, regulatory, licensing, and enforcement activities. The bureau is an agency within the Michigan Department of Consumer & Industry Services.