ALEXANDRIA, Va.– Kyle S. Hauptman has been sworn in as a member of the NCUA board. Hauptman becomes the 24th person to serve on the three-person NCUA panel. He was sworn in during a ceremony at NCUA headquarters.
NCUA Chairman Rodney E. Hood delivered the oath of office to Hauptman.
In a statement, Hauptman said 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.
“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,” said Hauptman. “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’s appointment returns the board to three members and will give Republicans (with Chairman Rodney Hood) a 2-1 majority on the NCUA board. Democrat Todd Harper, however, is expected to be named chairman immediately after the swearing in of President Joe Biden.
Hauptman was nominated by President Donald J. Trump on June 15. The U.S. Senate Banking, Housing, and Urban Affairs Committee held its confirmation hearing on July 21, and the Senate approved his nomination on Dec. 2. Hauptman’s tenure will run through Aug. 2, 2025.
Background
Prior to serving on the NCUA Board, Hauptman was Sen. Tom Cotton’s (R-AR) advisor on economic policy, as well as staff director of the Senate Banking Committee’s Subcommittee on Economic Policy. Before joining Sen. Cotton’s office, Hauptman served on Trump’s transition team in 2016.
Previously, he held the position of executive director of the Main Street Growth Project and senior vice president at Jefferies & Co. He also worked at Lehman Brothers as a bond trader in New York City and in its international offices in Tokyo and Sydney. Hauptman served as a voting member on the U.S. Securities and Exchange Commission Advisory Committee on Small and Emerging Companies from 2016–2017.
“I am proud to have been nominated by President Trump and confirmed by the U.S. Senate,” said Board Member Hauptman following his swearing-in. “It is an honor to serve on the Board of the National Credit Union Administration.”