NCUA Board Chairman Kyle Hauptman during opening remarks of the board meeting on Sept. 18, 2025.
NCUA Chairman Kyle Hauptman startled the credit union industry Thursday by suggesting there may come a time when the agency has “zero” board members.
“You may notice that I continue to be the only person sitting at this table today,” Hauptman said during his prepared opening statements at the NCUA’s September board meeting. “At some point in the future, there’s not going to be one board member. There may be zero. There may be two. There may be three. But regardless, my mission and that of my colleagues here is doing the best jobs we can on behalf of America’s 140 million credit union members.”
His comments came amid a legal battle launched by former Chairman Todd Harper and former Board Member Tanya Otsuka, who were dismissed by President Donald Trump in April. Their lawsuit, now before the D.C. Circuit Court of Appeals, challenged the administration’s position that independent regulators serve at the pleasure of the president.
Industry observers said Hauptman’s warning highlights unprecedented uncertainty for the regulator. “By statute there is a three-member board and only Congress can change that,” credit union attorney Henry Meier, Esq. said. “But if the administration's position that all agency heads serve at the pleasure of the president is correct, then the existing three-person structure becomes outdated and duplicative. We are entering uncharted territory.”
The Defense Credit Union Council also voiced concern. “The Defense Credit Union Council believes that the independence and accountability of the National Credit Union Administration depends on a functioning Board. The idea of reducing that to zero members is concerning and not something we would support,” DCUC Chief Advocacy Officer Jason Stverak said. “NCUA exists to provide oversight, protect the share insurance fund, and ensure a safe and sound regulatory framework for credit unions and their members — including millions of servicemembers, veterans and their families.”
America’s Credit Unions President/CEO Jim Nussle said, "America's Credit Unions steadfastly supports a fully confirmed, three-member NCUA Board. An independent, functioning NCUA is essential for effective oversight of the credit union industry."
With one lawsuit pending and questions mounting, the credit union industry is bracing for what could be the most significant governance challenge in the NCUA’s history.
Of note, Hauptman also announced on Thursday that there will not be a board meeting held in October. Thursday marked only the fifth board meeting of 2025.
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