WASHINGTON–Testifying before the very committee that employs her, NCUA board nominee Tanya Otsuka said during her nomination hearing that NCUA’s mission of ensuring a strong system of cooperative credit is one that “resonates with me both personally and professionally.”
Otsuka is currently senior counsel for the majority staff of the U.S. Senate Banking, Housing, and Urban Affairs Committee under Chairman Sherrod Brown (D-OH), where she has handled the committee’s work on banking and credit union issues since March 2020. She has been nominated to replace NCUA Board Member Rodney Hood, whose term has expired.
Tanya Otsuka testifies before Senate committee.
Family Members on Hand
Otsuka, who was accompanied at the hearing by her husband, Matt, her son, Adrian, and her sister, Natalie, credited her parents, Cary and Sima Otsuka, who were also on hand, for their work and sacrifice “so that my sister and I would have everything we needed to succeed. They instilled in me a strong work ethic, sense of purpose, and respect for others. I would not be sitting here today without their love and support.”
Lessons from Grandparents
“Growing up, I spent many summers with my paternal grandparents, listening to my grandmother tell me stories about her childhood. During World War II, she and her family were sent to an internment camp in Arkansas, forced to leave behind most of their possessions, including their family farm in California,” Otsuka said. “For the rest of the war, my grandmother and her family were incarcerated in a prison-like compound, surrounded by barbed wire, because they were Americans of Japanese descent.”
At the same time, her brother fought overseas in the 442nd regiment of the United States Army.
“My grandfather and his family shared a similar fate, forcibly incarcerated in Arizona,” she said.
Taking ‘Matters into Own Hands’
Otsuka said her grandmother recounted how difficult it was after the war to make ends meet when she and her family had lost everything, a challenge faced by many Japanese-Americans, some of whom took “matters into their own hands by forming a credit union so that Japanese Americans could access financial services and help each other rebuild their lives. Today, that credit union is still active and insured by the NCUA.”
According to Otsuka, such experiences embody the cooperative spirit and exemplify the important role that credit unions play, and she noted it was “fitting” that she was testifying on the 75th anniversary of International Credit Union Day.
‘Deep Appreciation’
Otsuka further testified that as a career public servant with more a decade of experience in financial services law and policy, she has a “deep appreciation” for the role that independent agencies like the NCUA play in maintaining stability and public confidence in our financial system.
“I began my career as an attorney at the Federal Deposit Insurance Corporation in the wake of the 2008 financial crisis,” Otsuka said. “During my 10 years at the FDIC, I gained experience in supervision, enforcement, resolution, assessments, and deposit insurance — all of which are also critical functions of the NCUA. I worked on the implementation of a number of FDIC policy actions, including many related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act.”
She also recounted her experiences on the staff of the very committee she was testifying before, the Senate Banking, Housing, and Urban Affairs Committee, where she said she managed a wide range of financial services issues, including credit union policy and oversight.
‘Positive Impact’
“I have seen the positive impact of government working for the American people to maintain a safe and sound financial system — especially in times of uncertainty,” said Otsuka. “I hope to continue my public service in support of the NCUA’s critical mission and to ensure a fair, competitive, and resilient credit union system. If confirmed, I will remain committed to the millions of Americans who rely on the NCUA to safeguard their hard-earned money.”
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