NCUA Boardroom. Credit/NCUA
The NCUA on Friday attempted to reassure staff and the credit union industry that it remains operationally stable following the removal of Board Members Todd Harper and Tanya Otsuka by President Donald Trump.
In a message to employees, the agency confirmed that Harper and Otsuka “are no longer employed with the agency” as of April 17, and thanked them for their service. The unprecedented removal of two of the agency’s three Board members has raised concerns about governance and regulatory continuity.
Recommended For You
But the NCUA pointed to a legal and historical precedent for continuing operations under a single Board member. “Please be assured that the NCUA has precedent and standing delegations of authority in place to continue performing all operational and statutory requirements under the authority of a single Board Member,” the message read.
The agency cited the example of former NCUA Chairman Dennis Dollar, who was quoted in a recent news article to its their claims of running the agency with one Board member. Dollar served as the sole board member from 2001 to 2002 during the George W. Bush administration. In an interview with CU Today, Dollar said, “The records are in place at NCUA from 2002 that clearly establish the precedent that the Chairman can act as the Board.”
According to the Federal Credit Union Act, a quorum of the Board is typically defined as two members. However, agency legal interpretations have long held that when only one member is in office, that individual may exercise full authority as the Board.
“It is the NCUA’s long-held view that a single Board Member constitutes a quorum when there are no other Board Members,” the agency reiterated in Friday’s message. “Chairman Hauptman and NCUA’s leadership are equipped with the required authorities to continue implementing the Administration’s priorities.”
Chairman Kyle Hauptman has yet to make any public statements since Harper and Otsuka were fired.
Late Friday afternoon, the NCUA’s “Leadership” page had been updated to remove Harper and Otsuka, as well as Harper’s Senior Policy Counsel, Catherine Galicia.
Friday’s statement concluded with a commitment to “ensure America’s credit unions are safe and sound, address any unnecessary regulatory barriers to their prosperity, and provide excellent service to the public.”
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
