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Today: Senate Banking Committee holds nomination hearing for NCUA Chairman Harper
UPDATE: The Senate Banking Committee's hearing has been moved up to 9:30 a.m. to accommodate votes.
The Senate Banking Committee today is set to hold a nomination hearing for NCUA Chairman Todd Harper. President Joe Biden in August nominated Harper to serve a full term on the NCUA Board; Harper's previous term on the NCUA Board ended in April and he has been serving in a holdover capacity.
The hearing is scheduled for 10:00 a.m. Eastern and will be available via livestream on the committee's website.
While serving on the board, Harper has focused on consumer protection issues, financial inclusion and diversity, data security, and ensuring safety and soundness as credit unions and their members have been impacted by the coronavirus pandemic.
Harper recently provided credit unions an overview of the NCUA's current priorities, the state of the economy, and the near-term outlook during NAFCU's Congressional Caucus earlier this month.
Ahead of the hearing, NAFCU Vice President of Legislative Affairs Brad Thaler shared the association's priorities for the NCUA on several hot topics, including:
- Opposition to new premiums or major changes to the National Credit Union Share Insurance Fund (NCUSIF);
- Support for new investment authorities for credit unions;
- Opposition to granting NCUA third-party vendor authority;
- Support for credit unions adding underserved areas to their field of membership;
- Modernization of the governance process for credit unions to allow for the adoption of an expulsion policy to expel members who engage in abusive or illegal behavior; and
- Support for efforts to promote de novo credit union formation.
NAFCU will continue to work closely with the NCUA Board to achieve an effective regulatory environment that supports a strong, safe, and sound credit union industry.
The association will monitor the hearing; stay tuned to NAFCU Today for developments.