National Credit Union Administration announces President Trump has designated Kyle S. Hauptman as Board Chairman

The National Credit Union Administration (NCUA) announced that President Donald J. Trump has designated NCUA Vice Chairman Kyle S. Hauptman as the thirteenth Chairman of the NCUA Board. Hauptman outlined a set of management and supervisory priorities aimed at changing how the agency budgets, operates, and sets regulatory expectations. His stated priorities include re-examining the NCUA budgeting process and convening employee groups to identify internal efficiencies, as well as promoting the appropriate use of artificial intelligence (AI) by NCUA staff. He also highlighted a focus on “true financial inclusion” by removing barriers to de novo credit unions and addressing “pain points” affecting small credit unions. On supervision and enforcement, he called for codifying procedures to prevent “regulation-by-enforcement,” stating that enforcement actions should not set or clarify policy. Additional priorities include clarifying that credit unions and their members are best positioned to assess their communities’ climate risks, reassessing NCUA policies and language that may discourage service in low-income areas including around overdraft policies, and right-sizing credit unions’ obligations under the Bank Secrecy Act, including NCUA rules on Suspicious Activity Reports.