One main concern included in the comments made its way to the top: How will the NCUA function with only one Board member?

"The NCUA must have a full Board to protect the safety and soundness of the credit union system,” said Elizabeth Eurgubian, Partner at Atlas Advocacy, and former NCUA Director of the Office of External Affairs and Communications and Policy Advisor to Chairman Harper. “Without a full Board, the agency cannot approve the budget, set the Share Insurance Fund Normal Operating Level, or vote on key issues that affect the operations of credit unions. There is a lot of concern in the industry right now."

Sen. Elizabeth Warren (D-Mass.), who is ranking member of the Senate Banking, Housing and Urban Affairs Committee, said, “President Trump just fired two Board Members at the National Credit Union Administration in his continued attack on American consumers. This is the latest attempt by Trump to skirt the rule of law, undermine independent agencies, and illegally purge the government of those who work for the American people.”

Officials from America’s Credit Unions and the Defense Credit Union Council (DCUC) released statements more focused on the independence of the NCUA and working with the Trump administration.

“America’s Credit Unions has consistently supported a strong, independent regulator for our industry. While today’s news brings a bit of uncertainty to the NCUA, credit unions can rest assured that America’s Credit Unions will continue to engage the Trump Administration and members of Congress on the unique structure and needs of credit unions to ensure the industry can effectively serve its 142 million members and support a thriving national economy,” America’s Credit Unions President/CEO Jim Nussle said.

Anthony Hernandez, DCUC president/CEO said, “DCUC appreciates the collaboration and support it has received from the Honorable Todd Harper and the Honorable Tanya Otsuka, as well as from the NCUA, during their service. We thank Board Members Harper and Otsuka for their leadership in addressing issues important to credit unions serving military and veteran communities — including efforts related to APO/FPO access and charitable donation accounts. DCUC looks forward to working with the NCUA and the administration, especially in protecting the NCUA's independence and the safety of the NCUSIF.” 

Meanwhile, on Harper’s LinkedIn post, credit union industry supporters and employees were mostly expressing shock from the news.

One NCUA employee posted, “This is so wrong in so many ways. I’m truly concerned for the future of NCUA.”

Another NCUA employee wrote, “I am stunned. I have appreciated your amazing leadership over the past 6 years, and wish you all the best.”

A credit union CEO posted, “You provided great collaborative leadership and the credit union system is better for you being part of it. This action is wrong.”

And another CEO stated, “Todd, thank you for your steadfast leadership. Your voice to collaboratively uplift and strengthen our credit union system is appreciated, respected and will endure.”

An official with a credit union league wrote, “The NCUA board has a long, productive history of working together regardless of who is Chair or sitting in the White House. Thank you for your service to the NCUA and the credit union movement. This is deeply disappointing and concerning.”

And yet another credit union executive commented, “This is deeply concerning news. Regardless of political affiliation, the independence of regulatory bodies like the NCUA is critical to maintaining trust within our financial system. I am grateful for the leadership and service that you brought to the NCUA. This decision raises serious questions about the precedent it sets for regulatory independence. I am hoping we can have constructive conversations in the credit union community about what this means — and how we stay focused on our mission.”