Following Nomination Hearing for NCUA Board Nominee Tanya Otsuka, League Highlights Key Engagement Issues with Agency
Tanya Otsuka, a nominee for the National Credit Union Administration Board, was before the Senate Banking Committee today for her nomination hearing. Otsuka was asked a handful of policy questions, general thoughts on financial services law, and the importance of consumer protection.
Your League welcomed her nomination last month for the Board seat.
"The Virginia Credit Union League looks forward to working with Ms. Otsuka should she be confirmed," said League President/CEO Carrie Hunt. "We are very excited to see how she will bring her talents to the credit union industry."
“It’s vitally important that we actively engage in the regulatory review and comment process, the NCUA budget process, and that we use every opportunity to inform and educate board members about the challenges and opportunities our credit unions are navigating,” said Hunt. “Regulation plays an outsized role in our ability to remain relevant and competitive in a marketplace driven by evolving consumer expectations, technology and the economic landscape.”
From a League standpoint, we remain engaged with the NCUA Board on a host of issues, including:
- Strategic and budget priorities
- Agency expenditures
- Field-of-membership reforms and enhancements
- Success for credit unions of all sizes
- Flexibility in managing risks (interest rate, credit, liquidity)
- Emerging technologies
- Formation of an advisory council of credit union executives to interact directly with the board and agency
- Development of a metric for measuring the costs borne by credit union members in funding NCUA in relation to the performance and relative success of credit unions within the financial services industry
Of interest to credit unions, Otsuka was asked by Sen. Bob Menendez (D-NJ) if she would examine credit unions’ fees, specifically credit unions that he argued are too reliant on overdraft and other fees. Sen. Menendez cited his concern following a recent survey released by the California state banking regulator that compiled and released information on the overdraft and NSF fees of California’s state-chartered credit unions and banks.
In a question on whether agricultural loans should be tied to climate-related considerations, Otsuka said she believes credit unions that serve agricultural communities understand the risks associated with the industry. She said regulators should not be in the business of telling credit unions they cannot lend to ranchers or farmers as long as credit unions are managing risk appropriately and following the law. NCUA has received some pushback from credit unions and lawmakers over a request for information this year seeking comments on current and future climate and natural disaster risks.
Written Testimony (Tanya Otsuka)
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