Gigi Hyland is resigning from the NCUA board on Oct. 5, the agency announced Thursday.
The former general counsel at Empire Corporate has served on the board since November 2005. She was a Democratic appointee of President George W. Bush.
“During the recent economic crisis, I am especially proud of the collaborative efforts taken with my board colleagues to stabilize the credit union system and foster its recovery,” Hyland wrote in her resignation letter to President Barack Obama.
“I am leaving NCUA confident that today, and for the foreseeable future, credit unions will continue to play a vital role in providing consumers quality, lower-cost financial products and services.”
Board Chairman Debbie Matz said, “During her seven years on the board, Gigi has been an exemplary public servant. The credit union industry and the agency have been the beneficiaries of her intellect, tenacity and dedication to a safe and sound system.”
Fellow board member Michael Fryzel added, ““Her ideas, collaboration and cooperation during the credit union crisis of 2008–2009 when I was chairman were invaluable and for which I am sincerely grateful.”
Hyland said she plans to take time off before considering future professional opportunities.
“It has been an honor to serve our country to protect the safety and soundness of nearly 7,000 federally insured credit unions and over 93 million credit union members,” she said.
Hyland’s term expired in August 2011. President Obama’s first choice to replace Hyland failed in March when District Government Employees Federal Credit Union CEO Carla Decker withdrew her nomination after the publication of her $46 million credit union’s exam records.
No other nominee has been announced.