NCUA Boardroom. Credit/NCUA
The NCUA Board convened two closed-door meetings on March 12 and March 21, citing personnel matters as the agenda for both sessions. These meetings were closed to the public under Exemption 2 of the Sunshine Act. Since these meetings were classified as "Closed pursuant to Exemption (2)", there is indication that they involved discussions about internal personnel matters, such as hiring, promotions, disciplinary actions or other sensitive employment-related issues.
Coincidentally, the NCUA Board also canceled its March Board meeting that was scheduled for March 27.
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When asked by CU Times for an explanation of the Board meeting cancellation, an NCUA spokesperson said, "NCUA Board meeting agendas and schedules are subject to change. There is no official business to be considered for an open Board meeting in March."
These recent closed-door meetings came on the heels of significant leadership and regulatory policy changes at the NCUA. On Jan. 20, 2025, President Donald Trump appointed Kyle Hauptman as chairman of the NCUA Board, succeeding Todd Harper. Hauptman, who had served as vice chairman since Dec. 18, 2020, expressed his commitment to promoting growth and innovation within the credit union system upon his appointment.
The transition in leadership and Trump's Executive Orders have prompted internal evaluations and restructuring, which could explain the focus on personnel matters during these closed sessions. During his first Board meeting as chair on Feb. 27, Hauptman said, “So as last few weeks, there have been a flurry of Executive Orders affecting the federal workforce, including us. Some of those directives may bring changes to you. All of us at this table understand that change and uncertainty can be challenging for a number of parties.” Hauptman added that Board members are “assessing how these announcements may affect the NCUA, our operations, regulatory structures and our workforce.”
Additionally, the NCUA recently implemented policy changes, such as Hauptman’s order on March 3 to cease the publication of individual credit unions' overdraft and non-sufficient fund fee income, opting instead to collect this data during supervisory examinations. This policy shift aims to balance consumer protection with the operational needs of credit unions.
The establishment of the Department of Government Efficiency (DOGE), led by Elon Musk and others, has introduced significant changes across federal agencies. Created by an Executive Order from President Trump in January, DOGE’s objectives are to modernize federal technology and maximize governmental efficiency. This initiative has led to substantial workforce reductions and restructuring within various agencies.
This is something, at least in part, Chairman Hauptman has stated he’s working on. “Looking ahead, the NCUA will work to reduce, streamline or eliminate outdated or overly burdensome regulations and processes where possible, so credit unions can stay competitive in the changing environment and provide affordable financial services to their members and communities,” Hauptman said on March 18.
Two sources inside the NCUA have used the word “uncertainty” to describe what it’s like at the agency during the past several weeks. Of note, Board Member Tanya Otsuka’s senior advisor, Renita Marcellin, left the NCUA within the past two weeks. According to her LinkedIn profile, Marcellin is now senior economic advisor on the Senate Banking Committee.
Given DOGE's mandate to streamline government operations, for example it's near shuddering of the CFPB, dismantling of USAID, Friday's announcement of the Small Business Administration reducing its workforce by 43%, and the proposal to remove the NCUA's independence by having the agency report to the Executive Branch, credit union leaders are keeping an eye on what will happen next at the NCUA.
Since the NCUA oversees federal credit unions and the Share Insurance Fund, any major leadership or personnel shifts could have broader implications for credit union regulations, oversight priorities or strategic initiatives.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
