WASHINGTON—It isn’t just the Vatican where interested parties are looking to smoke signals and other signs for what new leadership might have planned–credit unions are also looking to Duke Street in Alexandria, Va. for signs as to what might be coming from NCUA. 

It has been noted, for example, that the statement released by NCUA last week came from the agency and not from Chairman Hauptman, raising some concerns oversight of credit unions is coming out of the White House.

For some guidance, America’s Credit Unions’ President and CEO Jim Nussle said he has looked to the statements NCUA Chairman Kyle Hauptman made after being named chair for guidance for where his priorities might lie.

Authority to Act

In the meantime, what is clear is the agency believes Hauptman has the authority to act even with two board seats vacant.

Nussle said it appears NCUA will be “hanging its hat” on the precedent set in 2001 when Dennis Dollar was chairman and also the lone NCUA board member. 

As the CU Daily reported here,  the agency issued a statement on Friday, April 18 stating, “The departure of two of our three NCUA board members has led to speculation within the credit union industry and trade press about the NCUA Board’s ability to exercise authority with the presence of only a single board member.  Please be assured that the NCUA has precedent and standing delegations of authority in place to continue performing all operational and statutory requirements under the authority of a single Board Member….It is the NCUA’s long-held view that a single board member constitutes a quorum when there are no other board members…” 

Awaiting Interpretation

In response, during a call with the media, America’s Credit Unions’ President and CEO Jim Nussle said, “Their position is that they can proceed in conducting a certain amount of business. We don’t know what that will mean just yet and that interpretation still is likely to evolve over the next number of weeks.”