NCUA Board Members Todd Harper and Tanya Otsuka have reportedly been removed by the White House, leaving just one Board Member, Kyle Hauptman, whose term is set to expire in August. Under the Federal Credit Union Act, the NCUA cannot implement any new action without at least two members on the board; however, the agency may still carry out its supervisory and examination duties. The Board’s next public meeting was scheduled for tomorrow, but has been cancelled. The agenda was to include a briefing on the NCUA’s Voluntary Separation Programs.

Both Harper and Otsuka released statements.

Todd Harper (entire statement from LinkedIn):

“The decision of the White House to fire me before the completion of my term is wrong. It violates the bipartisan statutory framework adopted by Congress to protect credit union members and their deposits. The Trump Administration’s attack also undermines the independence, balance and important work of the NCUA. If a President can fire an NCUA Board member at any time, how will we maintain public trust in our nation’s financial services regulatory system?

During my six years on the NCUA Board, I have worked vigorously to make the credit union system safer and more resilient, increase fairness and protections for credit union members, and advance equity to ensure credit unions work better for all Americans, especially those of modest means. I am deeply proud of that important work.”

Harper was appointed by President Trump to serve on the NCUA Board in 2019 and was designated as the Chair by President Biden in January of 2021, a role he served in until January 2025. Harper’s term is set to expire April 10, 2027.

Tanya Otsuka (entire statement posted by CU Daily):

“Last night, President Trump informed me by email that my ‘position on the National Credit Union Administration is terminated, effective immediately.’ This is yet another attempt to undermine the rule of law and blatantly ignore Congress and our democratic values. Congress established the Board of the NCUA, like other federal financial regulators, to be bipartisan and independent. Our independence is critical to maintaining confidence and stability in the financial system. 

“I am just the latest public servant the President has attempted to remove. I intend to keep fighting for the rule of law and to protect the millions of Americans who put their hard-earned money in credit unions insured by the NCUA.”

Otsuka was confirmed by the Senate in 2023 and sworn in as a Board Member in January 2024. Her term expires in 2029.