National Credit Union Administration confirms removal of two Board members and asserts it can operate with a single-member quorum

The National Credit Union Administration (NCUA) circulated a message to staff confirming it received notice that President Donald J. Trump terminated the positions of NCUA Board members Todd Harper and Tanya Otsuka, and that they and their staff are no longer employed by the agency. The message also sought to address industry speculation about whether the NCUA Board can exercise authority with only one remaining Board member, stating that the agency has standing delegations of authority and precedent to continue meeting its operational and statutory requirements under a single Board member. NCUA pointed to the 2001–2002 period when Chairman Dennis Dollar acted as the sole Board member, including holding a Board meeting, voting, and taking administrative and operational actions. It reiterated NCUA’s long-held view that a single Board member constitutes a quorum when there are no other Board members, and said Chairman Hauptman and NCUA leadership have the necessary authorities to continue carrying out the agency’s chartering, supervision, regulation, and insurance responsibilities.