Credit union regulator board leader confirmed by Senate, gets five more years to serve

The Senate confirmed the chairman of the board of the federal credit union regulator for a new term in office, ending in 2027, on a bipartisan vote of 59-40 Wednesday.

National Credit Union Administration (NCUA) Board Chairman Todd M. Harper was confirmed by the Senate; he was nominated for the new term by President Joe Biden (D) earlier this year. His new term runs to April 10, 2027.

“In the years ahead, my focus will remain on credit union members, the system’s resiliency and strength, and the NCUA’s readiness to respond to an evolving economic environment, credit union system, and financial services marketplace,” Harper said in a statement. “Consistent with the law, I will also continue prioritizing capital and liquidity, cybersecurity, consumer financial protection, and diversity, equity, and inclusion.”

Harper was named chairman of the credit union regulator board in January 2021 in one of the first acts of then new president Biden. He replaced Rodney Hood, an nominee of President Donald Trump (R). Before that, Harper had served as a member of the three-member agency board since 2019; Harper was also nominated for the seat by Trump.

Whlle the board members are nominated by the president, and confirmed by the Senate, for terms in office, the chairman of the board serves at the pleasure of the sitting president.

Harper now becomes the current board member with the most years to go in his term. The term of Hood, who remains on the NCUA Board, ends in August 2023. The term of Kyle Hauptman (currently vice chairman, and also a Trump appointee), ends in August 2025.