Kyle Hauptman, a Republican, is officially an NCUA board member after being sworn in on Monday. He will participate in his first board meeting this week — a rare two-day meeting being held on Thursday and Friday described by the NCUA to “ensure a transparent and open discussion of several policy issues affecting federally insured credit unions.”
Hauptman joins Chairman Rodney Hood, also a Republican, and Todd M. Harper, a Democrat, on the three-member board. Hauptman replaces J. Mark McWatters, whose term expired in August 2019, but stayed on the board until his resignation in November 2020. Hauptman’s term will run through Aug. 2, 2025.
Hauptman said that he has three priorities as a board member: managing the fallout from the current pandemic and economic downturn, expanding the role of technology and aligning incentives, according to a Monday NCUA press release:
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. 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 was most currently economic policy advisor to Sen. Tom Cotton, R-Arkansas, and staff director of the Senate Banking Committee’s Subcommittee on Economic Policy, and also worked on the 2016 presidential transition team.
This week’s NCUA Board meeting, set for 10 a.m. on both Thursday, Dec. 17 and Friday, Dec. 18, will be livestreamed on the NCUA website.