Tanya Otsuka Confirmed to NCUA Board

The Senate confirmed Tanya Otsuka to the NCUA Board by voice vote Wednesday evening. She will replace Board Member Rodney Hood, whose term expired in August, and will be the first Asian American to serve on the NCUA Board. Her term will run through Aug. 2, 2029.

“Tanya brings a deep dedication to public service and many years of financial services law and policy experience to this important role,” NCUA Chairman Todd Harper said in a news release Thursday. “Moreover, she’s hardworking, insightful and committed to building a financial services system that works fairly for all Americans. I look forward to working alongside Tanya on the NCUA Board to strengthen the U.S. financial system while protecting consumers and expanding access to safe, fair and affordable financial products and services.”

Otsuka, who most recently served as senior counsel for the majority staff of the U.S. Senate Banking, Housing, and Urban Affairs Committee under Chairman Sherrod Brown (D-Ohio), was nominated to the NCUA Board by President Biden on Sept. 21 and testified before the Committee at her confirmation hearing on Oct. 19. She initially served on the Committee staff as a fellow on detail from the Federal Deposit Insurance Corporation (FDIC) before joining the staff full-time in 2020 to handle its work on banking and credit union issues. Otsuka was also a staff attorney and counsel at the 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.

By Thursday morning, several credit union trade association leaders had congratulated Otsuka on her confirmation.

“We congratulate Ms. Otsuka on her confirmation to the NCUA Board, and share her goals of enhancing credit unions’ ability to serve their communities,” CUNA President/CEO Jim Nussle said. “We look forward to working together with her on the critical issues facing credit unions as we look for new and better ways to serve our nearly 140 million members.”

“Today’s Senate confirmation for Tanya Otsuka to join the NCUA Board is one of historic nature as she will be the first Asian American to serve in the agency’s 53-year history, and we congratulate her on her new position,” NAFCU SVP of Government Affairs Greg Mesack said. “NAFCU works closely with the NCUA to advocate on behalf of the credit union industry and the nearly 140 million Americans who rely on them for their financial well-being. We look forward to working with Ms. Otsuka to achieve a healthy regulatory environment and ensure credit unions can thrive in the communities they serve.”

Samantha Beeler, president of the League of Southeastern Credit Unions, stated, “On behalf of Alabama, Florida and Georgia credit unions, we want to congratulate Ms. Tonya Otsuka on her confirmation to the Board of the National Credit Union Administration. Given her experience in the financial services industry, we are confident she will be a strong leader for safety and soundness in the Southeast and beyond. We look forward to working with her to continue supporting and advancing communities across the country.”

Troy Stang, president/CEO of GoWest Credit Union Association, said, “The credit union movement will be well-served by Tanya Otsuka’s service to the NCUA Board of Directors. Ms. Otsuka has a distinguished career in public service and is a proven financial services industry thought leader. We look forward to collaborating with her in the pursuit of policies in the best interests of credit unions and the more than 130 million consumers they serve.”

In regard to Hood’s departure from the board, Stang added, “Nominated by two presidents for a position on the NCUA Board of Directors, Rodney Hood went above and beyond in fulfilling the agency’s mission of protecting the cooperative, member-owned charter. During his time as a director and as chair of the board, Mr. Hood guided effective regulatory advancements, looked out for the best interests of members of credit unions, and advanced policies that helped credit unions to best serve those members. We hope that in his next chapter, Mr. Hood will continue to be a part of the credit union movement where he has left such a remarkable footprint.”

Anthony Hernandez, president/CEO for the Defense Credit Union Council, commented, “The Hon. Otsuka is an excellent nominee and we look forward to working with her on many issues that will affect each of our member credit unions. From her statements during her confirmation hearing, it is clear that we share her strong commitment to empowering consumers and strengthening the role of credit unions serving their communities. Welcome Board Member Otsuka!”