NCUA Board Member Tanya Otsuka Remarks at the 2025 Governmental Affairs Conference
Samantha: Hello, this is Samantha Shares.
This episode covers NCUA Board Member
Tanya OATSKA Remarks at the 2025
Governmental Affairs Conference
The following is an audio
version of that SPEECH.
This podcast is educational
and is not legal advice.
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And now the SPEECH.
NCUA Board Member Tanya Oatska Remarks at
the 2025 Governmental Affairs Conference
As Prepared for Delivery on March 4, 2025
Thank you to Jim, Carrie, and
everyone at Americaâs Credit
Unions for the invitation.
Special thanks to the convention center
staff and everyone behind the scenes
who helped put this event together
and are making sure it runs smoothly.
And of course, thank you all
in the audience for being here.
It is an honor to serve on the
Board of the NCUA and to see
the great work credit unions are
doing for their members every day.
The NCUAâs mission of protecting the
cooperative credit system is imperative
for the millions of families that rely on
credit unions for a checking account, buy
a car or a home, or save for retirement.
Congress has entrusted the NCUA with the
responsibility to protect credit union
members and the credit union system,
and our ability to do so depends on a
strong, independent agency, with dedicated
staff who understand the unique role
that credit unions play in our economy.
Our independence is critical to
maintaining confidence and stability
in the credit union system.
If you put your money in a credit
union with the words âinsured by the
NCUAâ emblazoned on the door, you can
trust that you wonât lose your life
savings if that credit union fails.
Share insurance creates confidence in
the credit union system, which not only
protects Americansâ hard-earned money,
but also helps credit unions attract
new members and continue to grow.
As the primary federal regulator of
credit unions, the NCUA understands
the unique characteristics of
credit unions and their members.
Our independence from politics and
distinction from other financial
regulators allows us to focus on what
matters to the credit union system.
It also allows us to maintain long-term
stability, mitigate risks and act
quickly during a crisis, and prudently
manage the share insurance fund.
We must not lose sight of why
these guardrails are in place.
The NCUA, as we know it today, is
the product of one too many dark
periods in our nationâs history.
During the Great Depression, the stock
market crashed, our economy collapsed,
and thousands of banks failed, wiping
out many Americansâ entire life savings.
In response, Congress created independent
financial agencies and consumer
protections â like deposit insurance
â to promote stability and provide a
safety net for American families.
Congress also encouraged the creation
of federal credit unions under the
Federal Credit Union Act of 1934,
allowing more people of modest means
to access affordable credit, secure
their savings, and ultimately begin
to recover from financial hardship.
The credit union movement continued to
grow, and in 1970, Congress established
the NCUA as an independent agency to
charter and supervise federal credit
unions and manage the Share Insurance
Fund, which extended the deposit insurance
safety net to credit union members.
Fast-forward to the 2008 Financial
Crisis, when years of deregulation and
lax oversight paved the way for risky
and unethical financial practices on Wall
Street to wreak havoc on our economy.
As financial institutions failed,
markets crashed, and businesses
shuttered, everyday Americans
were left holding the bag.
Millions of families lost their homes.
While credit unions fared
better than banks overall,
credit unions were not spared.
Between 2008 and 2012, the NCUA
oversaw over 130 involuntary
liquidations and mergers.
To create a more resilient financial
system, Congress passed the Dodd-Frank
Act, which put in place higher standards
for the largest banks and financial
companies, established stronger consumer
protections, and increased the maximum
share insurance for credit union members.
It is no coincidence that credit
unions were not the catalyst
for our past financial crises.
That is a reflection of
the credit union ethos.
From its inception, the credit
union movement has sought to advance
access for all and prioritize the
economic interests of its members.
Credit unions are an integral part of our
financial system, serving over 142 million
consumers across the United States.
Credit unions are often a lifeline
for the communities they support.
And for many Americans, they are the
only source of access to affordable and
equitable financial products and services.
That is why credit unions must continue to
show the American people what the credit
union difference means and live up to
the mantra of âpeople helping people.â
As not-for-profit, mission-driven
institutions, credit unions must embrace
the importance of strong consumer
protection, lower cost financial
products, and service over profit.
Too much is at stake to be seen as no
different than a bank or a tech company
or any other financial institution.
The credit union difference is the
ultimate competitive advantage.
Over the past year, I have focused
on small credit unions and promoting
and preserving minority depository
institutions, and we have made sure
that credit unions who have expanded
to underserved areas are meeting
the needs of those communities.
There is much more we would like to
achieve, including dedicating more time
and staff to support smaller credit unions
and looking at proposing a new rule to
reimburse credit union board members
for childcare and dependent expenses.
To accomplish our shared goals,
we need an independent regulator
designed to regulate credit unions.
That is the NCUA.
The NCUA is critical to protecting
the millions of members who rely on us
to safeguard their hard-earned money.
By focusing on our mission, we can ensure
credit unions are well positioned for the
future and able to meet their membersâ
financial needs in good times and bad.
Ultimately, our society benefits from
a healthy credit union system that
provides access to affordable financial
services to those of modest means.
Protecting that system is central
to why we are all here today.
I hope we never forget that.
Thank you.
This concludes the SPEECH
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This is Samantha Shares and
we Thank you for listening.
