“We certainly knew that there would be a change or suspected that there would be a change. I mean, this was happening in other agencies, but the timing of that is certainly not something that anybody really predicted,” Nussle said.

He stated that this level of anxiety and uncertainty is not a good environment for credit unions.

“I think that's the one concern that I think the markets are seeing right now. It certainly doesn't mean the decisions are bad, and I'm certainly not ready to say this is the wrong direction or anything like that. It may in fact be the right direction based on the agenda that credit unions are trying to accomplish for us to have a change of priorities at the NCUA. We fully recognize that.”

He continued, “But having said that, in the meantime, there is uncertainty … that uncertainty in financial services is not something that any of us thrive on very well.”

CU Times has made several attempts to get comments to numerous questions from the NCUA since Wednesday’s removal of Harper and Otsuka. Every email with questions submitted to the agency came back with the response, “The NCUA declines to comment.”

When asked if he’s been in contact with Chairman Hauptman since Wednesday’s news, Nussle said yes. He could not characterize the conversation other than to say, “I mostly was gathering information and wanting to understand if there was any update on timing of any actions or activities. Right now it's along those lines, but beyond that I really don't have much that I can share.”

America’s Credit Unions has put together a list of “Frequently Asked Questions” concerning the recent firing of the NCUA Board members that they have shared with their members, leagues and other credit union industry partners.

One question in the document, for instance, asks, “Can the NCUA still operate if the Board lacks a quorum? What is the impact on regulations and oversight?”

A portion of the answer states, “Day-to-day supervision and existing operations will continue, but the NCUA’s ability to take new official actions is severely constrained.”

In the majority of conversations CU Times has had with legal sources, the protection of the NCUA’s independence outweighs the issue of protecting the credit union tax-exempt status, in their opinions.

CU Times asked Nussle about this possible shift in priorities. He said both issues are important.

“I would not want to suggest one is higher than another,” he said. “My general opinion has been both are very important … that our having an independent regulator and ensuring that we have a full contingency of board members to ensure that consistency and certainty is paramount. It's the reason we've reached out early to the White House, to the administration, to, the Treasury secretary. And I was very heartened to hear him say that consolidation of federal financial services regulators was something I believe he used the word was ‘opposed to’.”