elizabeth warren
U.S. Senators Elizabeth Warren and Maxine Waters are calling on NCUA Chairman Kyle Hauptman to explain the legal basis for recent agency actions carried out since the controversial firings of two NCUA Board members by President Donald Trump.
In a letter sent Friday, the lawmakers asked Hauptman to clarify the NCUA’s legal authority to operate with only one board member and to provide documents related to decisions made since April 16, 2025—the day Trump dismissed Democratic Board Members Todd Harper and Tanya Otsuka. That move left Hauptman as the sole remaining board member of the federal credit union regulator, which oversees more than $2.3 trillion in credit union assets serving over 142 million members.
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“Our letter requested information on what legal analysis, if any, the NCUA or other Administration officials conducted to assess the firings’ impact on the NCUA Board,” the Senators wrote. “There is significant evidence to suggest that the NCUA Board cannot fully function with only one Board member.”
Warren and Waters raised serious concerns about the legitimacy of board actions taken in the absence of a quorum, as federal statute requires a three-member board and mandates that “a majority of the Board shall constitute a quorum.” According to NCUA regulations, at least two votes are needed for any official action.
The Inspector General (IG) informed the Senators that Hauptman has acted on 11 Board Action Memorandums since the firings, most without any clear justification that they qualify as “essential functions” of the Board. “The IG was unable to produce any documentation that delineates between essential and non-essential functions,” the letter notes.
The Senators demanded responses to eight detailed questions by July 7, including what constitutes “essential functions,” whether NCUA is operating under emergency powers, and whether the White House was involved in the firings or subsequent decisions.
Lawmakers warned “hardworking Americans” depend on credit unions to protect their savings, and the absence of a functioning board “raises serious concerns and questions.”
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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.
