Tanya Otsuka
In her first interview since being ousted from the NCUA Board, Tanya Otsuka is speaking candidly about the abrupt email that ended her tenure and the broader implications for the future of independent financial regulators.
“I tucked my kids in, put them to bed, and then later that night I went and checked my email and saw that this email was there that the administration was attempting to remove me from the position,” Otsuka recalled.
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Otsuka was sworn into her role on Jan. 8, 2024, following unanimous Senate confirmation. Her term was set to run through August 2029, but on April 15, she and fellow Board Member Todd Harper received near-identical one-sentence emails from the Trump administration informing them of their immediate removal.
The email read: “On behalf of President Donald J. Trump, I am writing to inform you that your position on the National Credit Union Administration is terminated, effective immediately. Thank you for your service.”
The two former board members have filed a lawsuit, arguing their termination violates the Federal Credit Union Act and the precedent set by Humphrey’s Executor, which protects the independence of regulatory boards.
"The decision to challenge that was difficult in some ways because you're putting yourself out there and you're challenging the government. But, at the same time, it was an easy decision for me because I believe so firmly in the independence of the agency ... I mean, that's really what it boils down to," Otsuka said.
“My view is that Congress created the NCUA Board to be independent,” Otsuka said. “When it comes down to it, whether your money is safe in a credit union or whether you can get a loan or where you choose to do your banking, it shouldn't really matter. It shouldn't have anything to do with politics.”
Otsuka emphasized the high stakes of the case: “There’s certainly more at stake than just my job and Todd’s job. I think this is about the independence of federal financial regulators. I think it’s about the stability in the banking system writ large and the well-being of our broader economy.”
“Every credit union and every credit union member has a stake in this lawsuit,” Otsuka said. “And I know that there are credit unions out there that were already worried about their members, worried about their business, worried about the uncertainty that some of the changes have brought. And I think that this, the attempted removal of two NCUA Board members, just adds to that uncertainty and shakes the confidence in the credit union system.”
She added, “People need to feel like they trust the financial system and have confidence in the financial system, and that's why we have independent regulators. Because that trust is threatened when decisions are made on political whims or are based on political pressure.”
Reflecting on her short time at the NCUA, Otsuka said, “There’s a lot of unfinished business.” She pointed to her work on underserved community access and consumer protection as key priorities.
Despite the personal toll, Otsuka remains resolute. “I am doing OK,” she said. “And I am fighting for the things that I believe in regardless.”
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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.
