Harper, Otsuka removed from NCUA

NCUA Board Members Todd Harper and Tanya Otsuka have been removed from their positions at the agency. This leaves Chairman Kyle Hauptman as the sole member.

Under the Federal Credit Union Act, without at least two members on the board, the NCUA is unable to implement any new action but the agency can still perform its supervisory and examination duties.

“America’s Credit Unions has consistently supported a strong, independent regulator for our industry. While today’s news brings a bit of uncertainty to the NCUA, credit unions can rest assured that America’s Credit Unions will continue to engage the Trump Administration and Members of Congress on the unique structure and needs of credit unions to ensure the industry can effectively serve its 142 million members and support a thriving national economy,” said America’s Credit Unions President/CEO Jim Nussle.

This is a developing story. America’s Credit Unions will keep credit unions informed as more details are available.