The Senate Banking Committee met remotely yesterday, July 21, in a hearing for Kyle Hauptman’s nomination to the National Credit Union Administration board. Though the nominee has no direct credit union experience, he does have an extensive background in banking.
In testimony, Hauptman said, “These last few months have demonstrated the cooperative nature of credit unions, as they’ve waived fees and adjusted loans before anyone in D.C. told them to do so. Many of us also recall the last government shutdown when credit unions gained members by offering interest-free loans to furloughed workers. But this reputation depends on proper oversight from NCUA.”
Hauptman, who says his Top 3 priorities at the NCUA would be managing the fallout from the current pandemic and economic downturn, examining use of technology and aligning incentives. If confirmed, he will be the third and final Trump nominee to be appointed to the board until at least August of next year.
Also in testimony, Hauptman said, “Credit unions help people achieve the same American dream that my dad experienced, born in Brooklyn to parents with fourth-grade educations. His dad, my grandfather, worked in the New York City subway putting up advertising. That man’s grandson is now before the U.S. Senate, a testament to American opportunity, and at NCUA my overarching goal will be extending that kind of opportunity to as many people as possible.”
Chairman Mike Crapo asked that Questions for the Record be submitted by Senators by Thursday, July 23, and that witnesses provide answers by Monday, July 27. The vote in committee is expected on July 30 before the Aug. 7 recess. With that timeline, NCUA’s Mark McWatters will participate in a final board meeting during his term on July 30.
View the nomination hearing here.