Sept. 21, 2012 – NCUA Board Member Gigi Hyland, whose term officially expired 13 months ago, on Thursday announced her plans to step down from her post Oct. 5.
“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 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.”
Hyland called NAFCU President and CEO Fred Becker to inform him of her plans. Becker said Hyland has been a thoughtful regulator and mindful of how regulations affect credit unions’ bottom line. “NAFCU appreciates and has enjoyed an open, cooperative working relationship with Board Member Hyland on issues affecting credit unions and their members,” Becker said. “We look forward to our work together in the weeks ahead and wish her the best in her future endeavors.”
NCUA Chairman Debbie Matz praised Hyland’s service on the board, particularly with respect to her initiative to update the agency’s definition of “small” credit union. “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,” Matz said.
Hyland “has brought knowledge, integrity and common sense in making tough decisions during troubled economic times,” said NCUA Board Member Michael Fryzel added. He also thanked Hyland for her contributions and collaboration during the crisis, when he chaired the board.
Hyland joined the board in 2005 to fill out a term that expired Aug. 2, 2011. Her departure will leave an even number of members on the board, which means any actions taken will have to be approved unanimously unless a successor is placed either through the nomination and confirmation process, or in a recess appointment.
Hyland plans to take time off before considering other professional opportunities.