NCUA Chairman Todd Harper’s term officially expired on Monday?

ALEXANDRIA, Va.–New NCUA Chairman Todd Harper’s term officially expired on Monday, but he is not expected to be exiting the board anytime soon. Numerous NCUA board members have in the past served in a “holdover” capacity, often for extended periods.

Harper, the lone Democratic representative on the three-person panel, joined the board in early 2019 and was elevated to chairman earlier this year with the election of Joe Biden as president. Harper had previously served as director of Public and Congressional Affairs at NCUA and as chief policy advisor to the chairman from 2011 to 2017. He replaced as chairman Rodney Hood, whose term runs until 2023 and who previously served on the NCUA board from 2005-2010.

The newest member of the NCUA board, Kyle Hauptman, has a term that is to run through August 2, 2025. An NCUA board seat is supposed to be a six-year term, but other factors can affect the length of that actual service.

Both Hood and Hauptman are Republican appointees, which has created something of a delicate balance on the board. Prior to being named chairman, Harper cast the dissenting vote on a number of issues before the board, often losing 2-1. While he likely remains the minority vote on many of those same issues, the NCUA chairman does control the monthly board agenda, which gives him some leverage as the board members negotiate various issues.

Some ‘Uncertainty’

One source told CUToday.info they are concerned the status of the board creates some “uncertainty” over what to expect out of the agency.

At the time Harper was appointed chairman he said he and the agency will be paying particular attention to credit union liquidity in the second half of the year, while he separately called on the NCUA and the credit union community to take action to advance economic equality and justice.

NCUA Board to Meet

Separately, the NCUA board is scheduled to meet later this week with a very light agenda. The board is set to meet this week and is set to issue an interim final rule (IFR) on prompt corrective action (PCA). Also on the agenda, the board will receive a briefing on cybersecurity.

NAFCU EVP/General Counsel Carrie Hunt said the trade group is supportive of the flexibility NCUA is providing on PCA and is currently formulating its response to NCUA’s Advanced Notice of Proposed Rulemaking on investment authority.