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Hauptman sworn into NCUA Board
NCUA Chairman Rodney Hood Monday swore in Kyle Hauptman to serve on the NCUA Board. Hauptman's nomination to the board was approved by the Senate – via a 56-39 – vote earlier this month for a term running through August 2025.
“I am proud to have been nominated by President Trump and confirmed by the U.S. Senate,” said Hauptman following his swearing-in. “It is an honor to serve on the Board of the National Credit Union Administration.”
Hauptman indicated that his three priorities as a board member will include managing the fallout from the coronavirus pandemic and subsequent economic downturn, expanding the role of technology, and aligning incentives.
“Credit unions were chartered to serve those of modest means. I plan to work with credit unions, my fellow Board Members, and Congress on solutions for those facing financial stress,” said Hauptman. “I want to expand technology’s role in reaching the underserved because innovation can provide more inclusive financial services. And, I have always believed that you get what you incentivize.
"The practice of less-frequent exam cycles for credit unions with the highest marks, for example, will incent them to maintain that benefit and allow the NCUA to focus more of its attention on problematic credit unions," Hauptman added.
Hauptman, a Republican, previously served as economic and policy advisor to Sen. Tom Cotton, R-Ark. Hauptman also served on the 2016 Presidential Transition Team, the U.S. Securities and Exchange Commission's Advisory Committee for Small and Emerging Companies from 2015-2016, and as policy advisor for financial services during Mitt Romney's 2012 presidential campaign.
Following his confirmation, NAFCU President and CEO Dan Berger personally connected with Hauptman to congratulate him and sent a congratulatory letter highlighting areas the association looks forward to working with Hauptman and the NCUA Board.
Hauptman has been seated ahead of the NCUA's final two board meetings of the year, this Thursday and Friday, where several NAFCU-sought items are on the agenda. During Thursday's meeting, the board is set to issue three proposed rules – for field of membership (FOM) shared facility requirements, mortgage servicing rights, and overdraft policy – a temporary final rule related to coronavirus regulatory relief, and a final rule on subordinated debt. See what is on Friday's agenda, too, and learn more about NAFCU's advocacy on these issues here.
NAFCU will continue to monitor rulemakings and happenings at the NCUA and engage with Hauptman in its work with the board.