Potential NCUA Board Nominee Stang Out of the Running as he Takes Post at CDFI

WASHINGTON – The Community Development Financial Institutions Fund recently announced Texas Credit Union League Vice President of Staff and Public Relations Troy Stang as its new director of legislative and public affairs. This may be good news for the CDFI Fund, but Stang had been on the short list for the open seat on the NCUA Board. Former NCUA Chairman Dennis Dollar resigned from the agency at the end of April, more than a year after his term ended, to start his consulting firm Dollar Associates, LLC. Stang served as the chief of staff to the Texas League President and CEO Dick Ensweiler, managed all public relations and outreach initiatives for the league, and assisted with advocacy efforts. Prior to the league, Stang was the business development and investment services manager at Hiway Federal Credit Union in St. Paul, Minnesota, an adjunct management instructor at the College of St. Scholastica, and the branch manager at Central Minnesota Federal Credit Union in Paynesville, Minnesota. He holds a master’s degree in management from the College of St. Scholastica. CDFI Fund Director Arthur A. Garcia commented, “I am very pleased that Mr. Stang has joined us. Troy joins the CDFI Fund having past experience and skills that are a perfect match for the work of the Fund. I am very delighted to be able to add such a highly qualified professional to help achieve the mission and objectives of the Fund.” At the CDFI Fund, his principal responsibilities will be to establish and maintain an effective legislative and public affairs program. The CDFI Fund includes a constituent financial network of nearly 700 community development financial institutions and 1,400 community development entities. National Federation of Community Development Credit Unions Executive Director Cliff Rosenthal welcomed the addition at the CDFI Fund. “The Federation has long advocated for the Fund to add staff familiar with the credit union movement,” he said. “We believe the Fund’s perspective on the CDFI field will be greatly enriched by appointing a credit union veteran like Troy Stang to a senior position.” Garcia, himself, has served as a credit union volunteer in New Mexico. NCUA Board Implications Stang had been one of the people on the list of potential NCUA Board candidates. Now he, as well as the initial favorite Gil Gonzalez, have been crossed off the list. Gonzalez told credit union sources late last year that he had been waiting too long for the nomination and needed to move on with his career at the Treasury Department. Other names that have surfaced as potential nominees to the board include former Robins Federal Credit Union President and CEO Buck Levins, former Federal Housing Finance Board Chairman J. Timothy O’Neill, Missouri Credit Union Association President and CEO Rosie Holub, American Airlines Federal Credit Union’s Walter Furnace (a former Republican Alaskan state legislator), $2.8 billion Wescom Credit Union Vice President of Real Estate Tom Orman, and SSA Baltimore Federal Credit Union President and CEO Jack Houseknecht. Sources have said an appointment before the election is unlikely, but the credit union community is getting antsy to have a full, three-member board. Is CUNA disappointed that three months after Dollar resigned there still is no heir apparent to his seat? “Sure,” CUNA Vice President of Communications and Media Outreach Pat Keefe said, “but, on the other hand, you have to be realistic in a presidential election year.” With the Senate and White House races so tight, the Senate Democrats are unlikely to approve Republican nominations in hopes Senator John Kerry (D-Mass.) could win the presidential election. President George W. Bush could give someone a recess appointment, but that would only last until the close of this congressional session, currently scheduled through Oct. 1, though a lame duck session is likely. [email protected]