Warren, Waters Press National Credit Union Administration on Board's Authority Following Illegal Terminations
“Despite the critical importance of a fully staffed board to NCUA operations, President Trump unlawfully fired NCUA Board Members Todd Harper and Tanya Otsuka on April 16, 2025.”
Text of Letter (PDF)
Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, and Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, wrote to Kyle Hauptman, Chairman of the National Credit Union Administration (NCUA), seeking clarity on the Board’s legal authority to fully continue the NCUA’s business with only one member.
“This agency is responsible for the safekeeping of the $2.3 trillion in assets in the credit union system, most of which are the deposits of hardworking Americans saving for college, to buy a home, or saving for retirement. Credit unions currently serve more than 142 million members, and the absence of any meaningful description of what the agency can do during periods of time when it has a one-person Board raises serious concerns and questions,” wrote the lawmakers.
Following the unlawful termination of these Board members, Senator Warren and Congresswoman Waters called on the NCUA Office of Inspector General (OIG) to investigate the authority of the Board with only one remaining member. The OIG’s response highlighted that neither the White House or the NCUA has analyzed the bounds of the Board’s authority when there is only one Board member.
“Moreover, there is significant evidence to suggest that the NCUA Board cannot fully function with only one Board member,”the lawmakers continued. “The Board’s regulations at 12 C.F.R. § 791.2 make clear that '(t)he agreement of at least two of the three Board members is required for any action by the Board.' The regulations also provide that the Board cannot hold regular meetings if ‘a quorum is not available.’”
The lawmakers concluded by calling upon the Chairman to answer critical questions about the legitimacy of the board.
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