NCUA convenes with full board after judge rescinds Trump firings
For the first time since February, the National Credit Union Administration Thursday morning held a board meeting with a full three-person panel.
Would they or wouldn’t they?
That was the biggest lingering question Thursday morning as the National Credit Union Administration readied to convene its board meeting.
A federal judge earlier this week reversed a move by President Donald Trump and ordered the immediate restoration of the NCUA’s three-person board. Trump in mid-April removed Todd Harper and Tanya Otsuka years before their terms were set to expire.
So, in theory, both Harper and Otsuka were eligible to return to their seats on the board.
But the Trump Administration quickly filed a motion to stay the ruling, which has been appealed to the United States Court of Appeals for the D.C. Circuit.
When asked by Tyfone on LinkedIn Wednesday, Harper said cryptically that he planned to participate in Thursday’s meeting.
And when the online feed went live, Harper’s was the first face virtual meeting attenders saw. He joined the meeting via video from Atlanta, while Otsuka was on site at the NCUA’s headquarters in Alexandria, Virginia.
It was the first open meeting with the full board since Feb. 27.
Board Chairman Kyle Hauptman told Harper that he considered delaying the meeting until later in the day so that Harper could join in person.
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Harper had been attending the African-American Credit Union Coalition’s annual conference in Alpharetta, Georgia.
Harper joked about the issue when called upon by Hauptman. “It’s been three months. Have I missed anything?”
Otsuka said that Congress has entrusted the NCUA with the responsibility to protect credit union members and the overall system.
“Our ability to do that job depends on a strong, independent agency that focuses on the long-term safety and stability of our financial system,” she said.
But whether Harper and Otsuka ultimately remain on the board is anyone’s guess.
Geoff Bacino, a credit union consultant and former NCUA board member, told Tyfone he has always advocated for a multi-person, bi-partisan board for regulatory agencies.
“When I joined the Federal Housing Finance Board, I became the loudest voice seeking a board, not a director,” Bacino said. “This decision, which has already been appealed, reinforces the need for a board and not a single director or administrator.”
The board heard presentations on three issues but took no action Thursday.
There is no NCUA board meeting slated for August. The next meeting is tentatively scheduled for Sept. 18.
“It’s been three months. Have I missed anything?”
– Todd Harper
Board Member
NCUA
