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The following is an audio version of Chairman Hauptman's first board meeting remarks as NCUA Chairman. This podcast is educational and is not legal advice. We are sponsored by Credit Union Exam Solutions Incorporated, whose team has over two hundred and forty years of National Credit Union Administration experience. We assist our clients with NCUA so they save time and money. If you are worried about a recent, upcoming or in process NCUA examination, reach out to learn how they can assist at MarkTreichel.com. Also check out our other podcast called With Flying Colors where we provide tips on how to achieve success with NCUA.

And now the Chairman's opening remarks.

NCUA Chairman Kyle S. Hauptman Board Meeting Opening Remarks

This is my first board meeting as Chairman. It's truly an honor to serve as the thirteenth Chairman of the NCUA and advance priorities that promote growth, opportunity, and innovation within the credit union system. I want to thank the President for his trust in me, and I also want to thank Todd Harper for his service through some challenging times for NCUA and the credit union system.

Over the past few weeks there has been various announcements and Executive Orders affecting the federal workforce. Some of these directives may bring significant changes to the NCUA.

All of us at this table understand that change, and the uncertainty that accompanies it, can be challenging for a number of parties: the credit union system, other stakeholders, and most definitely NCUA employees. All of us at the NCUA, including the Board, are diligently assessing how these announcements may affect the NCUA, our operations, regulatory structures, and our workforce.

"All of us at this table understand that change, and the uncertainty that accompanies it, can be challenging for a number of parties: the credit union system, other stakeholders, and most definitely NCUA employees."

To the NCUA employees who may be watching: The work each of you does, day in and day out, keeps our credit union system thriving and credit union members safe. There's also loads of misinformation and rumor out there. I've spent some time recently reading forums on Reddit that touch on NCUA or federal employees. And there's some crazy stuff out there. People moving money out of banks and credit unions to buy Treasury bonds because they think deposit insurance is going away. And that's not one of the crazier ones.

Let's continue to stay focused on our mission, and we --- the Board --- will continue to support your work as we navigate any changes together. Thank you for your patience and your dedication to the NCUA.

One thing that struck me last week. Our executive director mentioned how much NCUA staff liked seeing an email about this year's fee schedule for credit unions. I was curious why a fairly routine, mundane topic would generate a positive reaction. But it was precisely because it was mundane that people reacted that way. A sign that the big picture hasn't changed, NCUA business continues.

I want to ask of my 1200 colleagues at NCUA to reach out to me anytime, by phone, Teams, email. While we on the Board don't have any more info on White House directives than anyone else, I'm happy to talk about problems and possible solutions. I'll tell you what I know and don't know.

And to the people who we work for, the 142 million Americans who pay into the Share Insurance Fund: Know that NCUA's mission is unchanged. There are 4500 credit unions to examine, and most importantly, a $22 billion Share Insurance Fund that is the true north for each of us on the Board. Our deposit insurance is unchanged, the exams are continuing just the rest of our work here. Be assured we haven't taken our eye off the ball.

"There are 4500 credit unions to examine, and most importantly, a $22 billion Share Insurance Fund that is the true north for each of us on the Board."

We're aware that uncertainty surrounding your employer and your job isn't new for credit union members. Many credit unions were founded by employee groups of companies that no longer exist. We're aware that most Americans, the people who pay my salary, live a daily reality of uncertainty to their work situation. Just four years ago, 21 million Americans lost their jobs in one month. We get how the real world works. So just maybe grant us a bit of grace as we adjust and work through changes. And again, your money is safe in the NCUA insurance fund, and it's safe at NCUA-insured credit unions. Our NCUA staff are professionals, and they, and credit union members, should know the management around here has worked around the clock to ensure we still meet the needs of America's credit union members and my outstanding NCUA coworkers.

And finally, I know that as Chairman, I can steer some priorities of the agency, but any concrete actions will require Board approval and that requires some measure of compromise on the part of all parties. Discussions among my colleagues have always been in good faith and in the spirit of cooperation during my tenure on the Board. There has been plenty of give-and-take in negotiations. None of us gets everything he or she wants, but all of us get some of what we wanted. I look forward to continuing that collaboration with my Board colleagues now that I am Chairman.

That concludes my opening remarks.

This concludes Chairman Hauptman's opening remarks from his first board meeting as NCUA Chairman.

If your credit union could use assistance with your exam during these times of change at the NCUA, or if you have concerns about how recent executive orders might impact your credit union's examination process, reach out to Mark Treichel on LinkedIn, or at MarkTreichel.com. This is Samantha Shares and we thank you for listening.

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