BETTERDORF, Iowa–Former NCUA Chairman Roger Jepsen has died. Jepsen, 91, served on the NCUA board from 1985 until 1993.
Jepsen was born in Cedar Falls, Iowa and served as a paratrooper in the United States Army from 1946-1947. He served in the Iowa Senate from 1966-1968 before serving as the lieutenant governor of Iowa from 1968-1972. He was elected as a Republican to the U.S Senate in 1978 one term until 1985, losing re-election to Democrat Tom Harkin.
He was then appointed by President Ronald Reagan to the NCUA board.
During his term on the NCUA board the agency dealt with a flood of applications from privately insured credit unions after the Rhode Island Share Deposit Indemnity Corporation was declared insolvent and a number of states opted to require credit unions to carry federal deposit insurance. In all, some 432 state-chartered credit unions converted to federal insurance coverage.
In addition, during Jepsen’s term NCUA adopted the CAMEL rating system, created the Asset Liquidation and Management Center in Austin, Texas, to deal with problem assets, and First National Bank & Trust in Asheboro, N.C. filed a lawsuit over NCUA’s field of membership policies that eventually led to a Supreme Court decision and passage of the Credit Union Membership Access Act.
Jepsen was succeeded as chairman by Norm D’Amours.
Jepsen is survived by his wife of 62 years, Dee Ann, as well as six children: Jeffrey, Ann Marie, Craig, and Linda.
“Roger Jepsen generously served Iowans and his country as our U.S. senator, lieutenant governor and an Army veteran. My prayers are with his family and loved ones at this time,” said Republican Sen. Joni Ernst.