ALEXANDRIA, Va.–NCUA has issued its first public statement—in this case a memo to its employees—since the firing of board members Todd Harper and Tanya Otsuka by the Trump administration.

“On April 17, the NCUA received confirmation that President Donald J. Trump terminated the positions of Todd Harper and Tanya Otsuka. Please be aware that Todd, Tanya, and their staff are no longer employed with the agency. We thank them for their service,” the memo reads.

“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,” the memo continues. “ 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. 

“During the Bush Administration (2001–2002), Chairman Dennis Dollar acted as a sole Board Member. He held a Board meeting, voted, and took several actions, both administrative and operational…

‘Long-Held View’

“It is the NCUA’s long-held view that a single board member constitutes a quorum when there are no other board members,” the NCUA memo reads. “Chairman Hauptman and NCUA’s leadership are equipped with the required authorities to continue implementing the Administration’s priorities and fulfilling our mission of protecting the system of cooperative credit and its member-owners through effective chartering, supervision, regulation, and insurance. 

“Together, we will ensure America’s credit unions are safe and sound, address any unnecessary regulatory barriers to their prosperity, and provide excellent service to the public.”