WASHINGTON–NCUA Vice Chairman Kyle Hauptman offered credit unions here an update on where things stand on the three priorities he brought to the agency when he joined the board 20 months ago.
Those three include:
De Novo Credit Unions
Hauptman criticized the years and years previously required to charter a new credit union. Now it has a person charged with tracking the time it’s taking to process applications, with that person present at board meetings, he said.
Transparency
Hauptman stressed that federal credit unions can now record their exit exams and he urged them to do so.
“It’s just useful. We’ve gotten really used to video chats and you see how easy it is,” said Hauptman.
He said NCUA has also now instituted Uber-style feedback surveys made up of five questions, question six being what other questions should be on the survey.
“I would say that the experience on Uber and Lyft is superior to what we used to have with taxis,” he said. “It’s not because of the people, it’s because of the system, it’s because we rate each other. I implore you as a federal credit union to record your exit interview.”
Crypto & Blockchain
“I think it’s as big a deal as an Internet, but it’s not for me to tell a credit union what to do and not do,” Hauptman said. “But I do say my true north as a regulator is not to allow them to go the way of Blockbuster.”
Hauptman noted the agency has provided guidance around third party vendors in crypto. He shared the story of one vendor that reported it went to 30 credit unions about crypto services, and even though they were seeing deposits flow out to crypto investments, 29 of the 30 said no or not now and cited the “regulator” or NCUA as the reason.
“I think we’re in the ambiguity reduction business. If there is something new or better that doesn’t break any rules, we should put out some guidance designed to address that ambiguity,” said Hauptman.
He said he is most proud of the broad guidance issued in May on blockchain that encouraged credit unions to “go forth and experiment.”
“It said in the Letter to Credit Unions one of the purposes of the letter is to signal to the broader world that ‘Credit unions are here, you might want to check them out.’ As it turns out, you have a head start. The FDIC and OCC have said you have to get written notice of non-disapproval from your examiner.”
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