ALEXANDRIA, Va. — After announcing it will hold an open board meeting in May, the NCUA shared an update on what lies ahead for the credit union regulator.
In a short video posted on LinkedIn, NCUA Chairman Kyle Hauptman discussed the upcoming meeting and outlined planned restructuring efforts at the agency.
In the video, Hauptman said he first wanted to dispel rumors.
“I want to use this opportunity to dispel some misinformation out there about the agency and talk about how we are renewing our focus on what is mission critical,” Hauptman said. “I'll start with the baseless, not to mention irresponsible, rumors that Federal Deposit Insurance at credit unions and banks is in jeopardy. Let me be absolutely clear on this point—America's 142 million credit union members can be certain that NCUA insurance is as safe as ever. And, as announced last Friday, the NCUA has precedent to continue operating with a single board member.
“The bottom line is the NCUA is, and will continue to do the job and Congress demands of us and that Americans expect,” continued Hauptman. “We will work tirelessly to ensure America's credit unions are safe and sound. We're going to perform a thoughtful restructuring of the agency and provide excellent service to the American people.”