Pres. Biden Nominates Tanya Otsuka to NCUA Board

President Joe Biden announced on Thursday his nomination of Tanya Otsuka to serve on the NCUA Board. Otsuka currently serves as senior counsel for the majority staff of the U.S. Senate Banking, Housing, and Urban Affairs Committee under Chairman Sherrod Brown (D-OH), where she has handled the Committee’s work on banking and credit union issues since March 2020.

Otsuka would replace Board Member Rodney Hood whose term on the board expired in August.

According to a statement from the White House, in 2019, Otsuka served on the Committee staff through the Government Affairs Institute at Georgetown University’s Capitol Hill Fellowship Program, on detail from the Federal Deposit Insurance Corporation (FDIC). Otsuka was also staff attorney and Counsel at FDIC where she worked on a broad range of banking issues. She began her career at the FDIC as a law clerk in 2010 and an Honors Attorney in 2011.

Of Otsuka’s nomination, NCUA Board Chairman Todd Harper said, “Tanya Otsuka is a committed public servant and a well-qualified nominee to serve on the NCUA Board. Tanya’s past work has strengthened the U.S. financial system, protected consumers, and advanced the ability of credit unions to innovate and compete. Tanya would also bring a different point of view to the work of the agency as the first Asian-American NCUA Board Member. If confirmed, I look forward to working with Tanya to protect the deposits of America’s nearly 138 million credit union members and to expand access to safe, fair, and affordable financial services to under-resourced communities. I hope the Senate acts quickly on her nomination.”

On Thursday afternoon, credit union industry leaders expressed their enthusiasm of Otsuka’s nomination.

CUNA President/CEO Jim Nussle said, “We congratulate Ms. Otsuka on her nomination to the NCUA Board. CUNA, Leagues, and credit unions have plenty of work to accomplish in collaboration with NCUA, and we look forward to working with her if she is confirmed.”

The Virginia Credit Union League President/CEO, Carrie Hunt said, “The Virginia Credit Union League looks forward to working with Ms. Otsuka should she be confirmed. We are very excited to see how she will bring her talents to the credit union industry.”

NAFCU President/CEO Dan Berger said in a statement, “NAFCU works closely with the NCUA to advocate for a healthy regulatory environment in which credit unions can thrive and effectively serve their 138 million members. We appreciate President Biden recognizing the importance of this role and we look forward to working with Ms. Otsuka to strengthen the credit union industry and ensure credit unions have an environment to thrive, should she be confirmed. We also thank Board Member Hood for his many years of service to the NCUA, and his efforts to modernize regulations, promote financial inclusion, and tackle emerging trends.”

For now, there is no timetable of when the Senate might take up Otsuka’s nomination.