WASHINGTON–Is a one-person NCUA board in the future?
That’s among the scenarios former NCUA board member Geoff Bacino has proposed as he offers a forecast on what could lie ahead for the agency.
Writing in the Bacino Report, Bacino noted NCUA Board Member Rick Metsger’s term officially expires this month. With just Metsger and Chairman Mark McWatters on the board currently, should Metsger exit it would leave the chairman as the lone board member. It wouldn’t be the first time, as both Dennis Dollar and JoAnn Johnson previously held meetings as the sole member, Bacino noted. Metsger has the option to remain on the board until a replacement is nominated and sworn in, which numerous board members have done in the past.
“What if Metsger does depart and Chairman McWatters becomes the lone voting member? Might the Administration consider merging NCUA into FDIC?” asked Bacino. “The Trump White House still has yet to fill a number of regulatory positions – should these posts go unfilled into next year, might the White House just let them go unfilled? They could claim significant cost savings and what voter is against the government saving money? Even though these savings could be considered artificial and temporary, it might provide an impetus to leaving the jobs open or eliminating the position altogether.”
Bacino, who currently leads Bacino & Associates, has experience in being a part of combined agencies, having served on the Federal Housing Finance Board when it was combined with the Office of Federal Housing Enterprise Oversight to create the Federal Housing Finance Agency.