NCAA never was an organization that oversaw the operations of a university, the membership schools will not allow that. This is because universities offer a diverse approach for education. There is no consistency between schools. The regional accreditation boards are the only legal organizations that can give accreditation. It is important because student loans and pell grants (a major source of student resources) can be awarded to accredited universities.
Institutions are re certified I believe every 7 years. VT for example completed their process. The regional certification agencies can go in and re check if there are problems. For example, they did that at St Paul's college a historically black school that was forced to shut down. The regional board can put institutions on probation. That is painful. It requires micro oversight of university activities. I believe UNC qualifies for that, (F the NCAA gives the report to the Southern Regional accreditation board(). Lets hope NCAA authorized review by the authority.