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 America’s 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 NCUA’s 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 “insured by the

NCUA” emblazoned on the door, you can
trust that you won’t lose your life

savings if that credit union fails.

Share insurance creates confidence in
the credit union system, which not only

protects Americans’ 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 nation’s history.

During the Great Depression, the stock
market crashed, our economy collapsed,

and thousands of banks failed, wiping
out many Americans’ entire life savings.

In response, Congress created independent
financial agencies and consumer

protections – like deposit insurance
– 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 “people helping people.”

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 members’
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

If your Credit union could use assistance
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This is Samantha Shares and
we Thank you for listening.

NCUA Board Member Tanya  Otsuka Remarks at the 2025 Governmental Affairs Conference
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