ALEXANDRIA, Va.– President Biden has designated National Credit Union Administration Board Member Todd M. Harper as the agency's 12th chairman of the board. Harper succeeds Rodney Hood, who was designated board chairman in April 2019. Hood will continue to serve as an NCUA board member.
Four former NCUA chairs have all issued statements of congratulations
“I have received the greatest honor of my career. I am deeply humbled by the trust and faith placed in me by the new Administration,” Harper said. “In leading the outstanding professionals at the NCUA, I will seek to do what is best for the agency, its staff, and the credit union system. Moreover, I will prioritize open engagement and seek win-win compromises, whenever practicable. Negotiating in good faith — with an open mind and open communications — is how I will lead the NCUA."
Harper will be the lone Democrat on the board, with Hood and fellow board member Kyle Hauptman both Republican appointees. While that 2-1 status puts Harper in the minority, the NCUA board chair does control the agenda for the agency's monthly board meetings, and analysts have noted that will likely require compromise by all involved to move on any new proposals.
Harper was nominated to the NCUA board on Feb. 6, 2019. Following Senate confirmation, he took office as an NCUA board Member on April 8, 2019.
Prior to joining the NCUA Board, Harper served as director of the agency’s Office of Public and Congressional Affairs and chief policy advisor to former Chairs Debbie Matz and Rick Metsger. He is the first member of the NCUA staff to become an NCUA board member and chairman.
Roles Prior to NCUA
In addition, Harper previously worked for the U.S. House of Representatives as staff director for the Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises and as legislative director and senior legislative assistant to former Rep. Paul Kanjorski (D-PA).
"In these roles, he contributed to every major financial services law from the enactment of the Gramm-Leach-Bliley Financial Services Modernization Act in 1999 through the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010," the agency said in announcing the new chairman. "During the Great Recession, Mr. Harper coordinated the first congressional hearing to explore the creation of a Temporary Corporate Credit Union Stabilization Fund."
The agency noted Harper also spearheaded staff efforts in the U.S. House to secure enactment of a law to lower the costs of managing both the Corporate Stabilization Fund and the National Credit Union Share Insurance Fund.
At A Crossroads
“The credit union system now sits at the intersection of several crossroads, and the agency faces many decisions ahead related to the economic fallout of the COVID-19 pandemic and the need to advance economic equality and justice,” Harper added. “As NCUA Board chairman, I will continue to focus on four policy priorities: capital and liquidity, consumer financial protection, cybersecurity, and diversity, equity and economic inclusion. Each of these priorities are vital in responding to current economic and marketplace realities.”
As CUToday.info has reported and as NCUA noted its statement, in congressional testimony and public appearances Harper has regularly outlined his regulatory philosophy, which holds that the NCUA needs to be fair and forward-looking; innovative, inclusive and independent; risk-focused and ready to act expeditiously when necessary; and engaged appropriately with all stakeholders to develop effective and efficient regulation.
Harper earned an undergraduate degree in business analysis from Indiana University’s Kelley School of Business and a graduate degree in public policy from Harvard University’s Kennedy School of Government.
Congratulations From Former Chairs
In response to Harper being named chair, three former NCUA chairs issued statements of congratulations.
Former Chairman Mark McWatters: "I congratulate Todd Harper on his appointment by President Biden as the Chair of the NCUA. I had the pleasure to work with Todd for over six years in a collegial, collaborative and bipartisan manner to ensure the safety and soundness and consumer protection mission of the agency. I wish him the very best during his tenure."
Former NCUA Chairman Michael Fryzel: "The selection of Todd Harper by President Biden to be the next chairman of NCUA is a sound and smart decision. Todd brings a unique perspective to the office. He has worked on the Congressional staff and understands the operation of the legislature; he headed up the Office of Government Affairs at NCUA and he has served as a board member since April, 2019. His experience and knowledge of credit unions will enable him to pursue a progressive agenda centered on safety and soundness, consumer protection, member access and credit union growth. In addition he has the ability and willingness to work both sides of the aisle to achieve consensus, cooperation and collaboration."
Former NCUA Chairman Dennis Dollar: "Having known him for over twenty years, I believe as Chairman Harper that Todd will put those skills of leadership, compromise and give-and-take he learned on Capitol Hill to work for him and NCUA. I wish him nothing but the best because it indeed is a challenging time to head a federal agency, and NCUA’s stakeholders are counting on all three members of the board to find ways to get things done together.
"It's a challenge to have the gavel but not the board majority from your own party or political philosophy. However, most issues that come before the NCUA board are fact-based and not partisan in nature. On the issues that there are philosophical differences, compromise and leadership can still get a lot done. From personal experience, my first year as chairman in 2001 I served with a board majority from the other party. Yet we still got RegFlex passed, public budget briefings began and the CRA-lite CAP regulation repealed. It is a matter of working with your board colleagues, providing leadership that is willing to give and take to get things done. Todd’s background on Capitol Hill has shown he can do that, and that will be his opportunity as he moves forward as chairman with a split-party board. "As I have done both jobs, there is a real difference between being a NCUA board member where you basically have a vote and a chance to impact policy through that one vote on a three-member board if you can get another board member to join you. As chairman, the pulpit is much larger and the gavel brings considerably more gravitas to the office holder. But still a chairman must be able to get two votes for his or her priorities and proposals. That ability to bring compromise and consensus will be the key to Chairman Harper's success and legacy -- and I believe he has the ability to accomplish that and build a good record as chairman if he is willing to do so and if his colleagues are willing to work with him to get things done at NCUA. Credit unions are certainly counting on them doing so as there is much challenge in the credit union marketplace today with COVID, competition and change."
Former NCUA Chairman Rick Metsger: "President Biden is to be commended for designating Todd Harper the Chairman of the National Credit Union Administration. Our nation must move quickly to combat the economic challenges of the pandemic, and Chairman Harper is eminently qualified to lead the agency in these difficult times. I had the honor of working closely with Todd when I was the agency's chairman and I know he will be a staunch defender of the safety and soundness of the system and the interests of credit union members. He will be a forceful advocate for consumer protection and economic equality and opportunity."
Former NCUA Chairman Debbie Matz: "Todd is uniquely qualified not only to be NCUA chairman but to be an extraordinary chairman. In addition to being incredibly smart, he brings a vast wealth of knowledge about financial services and legislative processes. As a result of his tenure at NCUA, as a senior advisor and then board member, he will hit the ground running in making NCUA once again an employer of choice, ensuring consumer protections and in keeping the credit union system safe and sound. As one of my trusted senior advisors, I can say unequivocally that few people work harder, achieve more and are more thoughtful than Todd. I wish him all the best as NCUA chairman."
Statements From Trade Associations
NAFCU President and CEO Dan Berger: “NAFCU congratulates Todd Harper on being named NCUA Board chairman. Over the years, NAFCU has enjoyed a strong relationship with Chairman Harper. We look forward to working with him as he leads the agency to address challenges facing the credit union industry. NAFCU will continue to advocate for an appropriate regulatory environment that allows credit unions to successfully serve their 123 million members.”
Statement from CUNA
CUNA President and CEO Jim Nussle: “CUNA, Leagues, and credit unions thank Chairman Hood for his work leading NCUA as it removed regulatory barriers to help credit unions serve members through the COVID-19 pandemic. We also congratulate incoming Chairman Harper, and look forward to continued engagement with him as he leads NCUA through the pandemic and economic recovery.”
Statement From NASCUS
NASCUS President and CEO Lucy Ito: "Congratulations to NCUA Board Chairman Todd Harper; state regulators and credit unions recognize the breadth and depth of his knowledge of the consumer financial services market and his dedication to a robust dual chartering framework that ultimately benefits members of both state and federal credit unions. Working together, we hope to achieve our shared objectives of a safe, sound and strong credit union system that can innovate and grow in the interests of our members.
"Our thanks to former Chairman Rodney Hood for working with the state system over the past two years, especially his support of the 2019 Document of Cooperation between NCUA and NASCUS which provides a durable roadmap for federal-state partnership. We look forward to continuing to work cooperatively with him. We also anticipate a strong working relationship with Vice Chairman (and NCUA Board liaison to NASCUS) Kyle Hauptman, particularly as both NASCUS and the agency foster collaboration and alignment between state and federal regulators and the whole NCUA Board."
Statements from Fellow Board Members
NCUA Vice Chairman Kyle Hauptman: “I congratulate Todd on his appointment as Chair of the NCUA. I look forward to working with him to provide a regulatory framework that helps credit unions meet the evolving needs of members, especially during this difficult time. I wish him well in his new role. I would also like to thank Rodney Hood for his service as Chairman. Both the credit union community and the agency benefited from his leadership.”
Statement from NCUA Board Member Rodney Hood: “I offer my heartfelt congratulations to Todd M. Harper on his designation by President Biden as NCUA chairman. As the effects of COVID-19 continue to directly impact Americans and the credit union community as a whole, I look forward to continuing to work in partnership with my board colleagues to address these significant challenges in a bipartisan manner in the years ahead."