Federal credit union regulator has board of three now, with new member taking seat

The federal credit union regulator’s board officially has three members with the most recent member to join taking the oath of office Monday, according to a release from the agency.

Kyle S. Hauptman was sworn in as a member of the National Credit Union Administration (NCUA) Board – the 24thindividual to sit on the agency’s governing panel — for a term that expires in August 2025. NCUA Board Chairman Rodney Hood administered the oath of office to Hauptman.

The newest NCUA Board member is expected to participate in the two board meetings the agency has scheduled this week, on Thursday (to consider final and proposed rules) and on Friday (to consider the agency’s 2021 budget).

NCUA, in its release, said Hauptman cited three priorities as a board member: managing the fallout from the current pandemic and economic downturn, expanding the role of technology, and aligning incentives.

“Credit unions were chartered to serve those of modest means. I plan to work with credit unions, my fellow board members, and Congress on solutions for those facing financial stress,” said Hauptman. He added that he wants to  “expand technology’s role in reaching the underserved because innovation can provide more inclusive financial services.

The newest board member also said that the practice of less-frequent exam cycles for credit unions with the highest marks “will incent them to maintain that benefit and allow the NCUA to focus more of its attention on problematic credit unions.”

Hauptman, nominated June 18 to the NCUA Board by President Donald Trump, has most recently served as a staff director for the Senate Banking Committee Economic Policy subcommittee and as an economic policy advisor to Sen. Tom Cotton (R-Ark.). He worked on the 2016 Trump presidential transition team and served as a policy advisor on financial services for 2012 Republican presidential nominee Mitt Romney (now a U.S. senator representing Utah).

According to NCUA’s release Monday, Hauptman holds a master’s in business administration from Columbia Business School and a bachelor of arts from University of California, Los Angeles

Hauptman Sworn in as NCUA Board Member

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