Ranking Member Elizabeth Warren of the U.S. Senate Committee on Banking, Housing and Urban Affairs sent a letter to National Credit Union Administration Chairman Kyle Hauptman raising concerns about the NCUA’s Deregulation Project, which she described as a broad effort to roll back credit union safeguards. The letter says the agency has issued 11 rounds of proposed regulatory changes since December 2025 and questions whether the NCUA can lawfully pursue the initiative while Hauptman is serving as the board’s sole member. The letter highlights proposed removals of requirements for segregated deposits and collateral when a credit union guarantees a member, nondiscrimination requirements linked to the Fair Housing Act and the Equal Credit Opportunity Act, member disclosure rules for proposed credit union mergers, and the requirement for federally insured credit unions to give at least 30 days’ notice before ending supplemental share insurance coverage. It also cites a proposal to remove post-election finance and accounting training for new board members. Warren said the NCUA is responsible for safeguarding roughly USD 2.5 trillion in credit union system assets and the interests of more than 145 million members. She also pointed to federal law providing for a three-member board and to NCUA regulations stating that action requires the agreement of at least two board members. Warren requested a briefing on the deregulation project and asked Hauptman to answer her questions by July 13, 2026.
U.S. Senate Committee on Banking, Housing and Urban Affairs2026-06-30
U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member presses NCUA over deregulation project and sole board member authority
Ranking Member Elizabeth Warren of the U.S. Senate Banking Committee asked NCUA Chairman Kyle Hauptman to explain the agency’s Deregulation Project and questioned whether it can proceed while he is the sole board member. Her letter points to 11 rounds of proposed rollbacks since December 2025, including changes affecting collateral requirements, nondiscrimination rules, merger disclosures and member notice on insurance changes. Warren requested a briefing and written responses by July 13, 2026.