President Joe Biden nominated Tanya Otsuka of Virginia to
join the National Credit Union Administration (NCUA) Board of Directors on
Sept. 22.
Otsuka has served as senior counsel for the majority staff
of the U.S. Senate Banking, Housing, and Urban Affairs Committee since March
2020 under Chairman Sen. Sherrod Brown (D-Ohio). In this role, she handles the
committee’s work pertaining to banking and credit union issues.
In 2019, she became a committee staffer through a fellowship
program at the Government Affairs Institute at Georgetown University, on detail
from the Federal Deposit Insurance Corp. (FDIC), according to the White House.
If confirmed, Otsuka will become the first Asian-American to
serve on the NCUA Board since the agency’s founding in March 1970.
“Tanya Otsuka is a committed public servant and a
well-qualified nominee to serve on the NCUA Board. Tanya’s past work has
strengthened the U.S. financial system, protected consumers, and advanced the
ability of credit unions to innovate and compete,” NCUA Chairman Todd Harper
said in a statement. “Tanya would also bring a different point of view to the
work of the agency as the first Asian-American NCUA Board Member. If confirmed,
I look forward to working with Tanya to protect the deposits of America’s nearly
138 million credit union members and to expand access to safe, fair, and
affordable financial services to under-resourced communities. I hope the Senate
acts quickly on her nomination.”
Leaders of the National Association of Federally-Insured
Credit Unions (NAFCU) and the Credit Union National Association (CUNA) joined
Harper in releasing statements congratulating Otsuka on the nomination.
“NAFCU works closely with the NCUA to advocate for a healthy
regulatory environment in which credit unions can thrive and effectively serve
their 138 million members,” NAFCU President and CEO Dan Berger said. “We
appreciate President Biden recognizing the importance of this role and we look
forward to working with Ms. Otsuka to strengthen the credit union industry and
ensure credit unions have an environment to thrive, should she be confirmed.”
CUNA President and CEO Jim Nussle said, “We congratulate Ms.
Otsuka on her nomination to the NCUA Board. CUNA, Leagues, and credit unions
have plenty of work to accomplish in collaboration with NCUA, and we look
forward to working with her if she is confirmed.”
If confirmed, Otsuka will take up the seat vacated by Rodney
Hood, who the Senate confirmed on Jan. 19, 2019, as the 11th chairman of the
NCUA Board. Hood served as chairman until Jan. 25, 2021, but remained a member
of the board, eventually taking on the role leading NCUA’s NeighborWorks
America initiative on June 22.
“We also thank Board Member Hood for his many years of
service to the NCUA, and his efforts to modernize regulations, promote
financial inclusion, and tackle emerging trends,” Berger added.
Although his term expired in August, Hood agreed to stay on
until his replacement was found. He previously served on the NCUA Board from 2005
to 2009 during the George W. Bush administration.
The NCUA is governed by a bipartisan three-member board of directors,
which oversees the agency’s operations by setting policy, approving budgets and
adopting rules and regulations. Each board member is appointed by the president
and confirmed by the Senate to serve a staggered six-year term. The president
also designates the board chairman. No more than two board members can be from
the same political party.