Warren, Waters seek investigation into NCUA board members’ dismissal

Ranking members of the Senate Banking Committee and House Financial Services Committee are seeking an investigation on the recent dismissals of board members Todd Harper and Tanya Otsuka.

Sen. Elizabeth Warren, D-Mass., and Rep. Maxine Waters, D-Calif., contacted the NCUA inspector general Tuesday with their request, including all written communications and documents on the dismissal (including any legal analysis), actions taken by the NCUA board since the firings, and an analysis of how a single board member will affect the agency’s operations.

“Specifically, we ask your office to investigate the NCUA’s Chairman’s authority to continue full agency operations with only one Board member, and if doing so complies with the spirit and letter of the Federal Credit Union Act and its implementing regulations,” they wrote.

The NCUA issued a release in the days following the dismissals that a single board member constitutes a quorum when there are no other board members. Harper and Otsuka filed a lawsuit against the NCUA and administration Monday, seeking reinstatement and nullifying any potential actions conducted with a single board member.

America’s Credit Unions continues to strongly support an independent NCUA led by a three-person board, and is engaging with NCUA, the administration, and Congress. An FAQ document is available on America’s Credit Unions website.