(Feb. 4, 2022) FDIC Board Chairman Jelena McWilliams is scheduled to step down today (Friday, Feb. 4), following through on the announcement she made late last month.
In her resignation letter submitted to the White House on New Year’s Eve, McWilliams gave no indication why she was resigning, three-and-a-half years into her five-year term (she was nominated by President Donald Trump [R] in December 2017 and confirmed by the Senate in late May 2018).
Since then, the White House has been silent about who will succeed McWilliams, either as a permanent chairman of the agency’s board or as an acting chairman to take over after she leaves today. The only member of the agency’s board who was appointed (and confirmed by the Senate) specifically to serve on the panel is Board Member (and former chairman) Martin Gruenberg, a Democratic appointee. He is serving in a “holdover” capacity since his term expired in December 2018. Unless he resigns, he may remain on the board until a successor is confirmed by the Senate.
Meanwhile, McWilliams received a note of acknowledgement from her regulatory colleagues at NCUA with a joint statement signed by all three board members.
NCUA Chairman Todd M. Harper said he had “seen firsthand the expert knowledge, considerable skill, and strategic insights she provides in issues and making decisions.” Vice Chairman Kyle Hauptman said McWilliams is “an inspiring example of the American dream, an immigrant from a statist regime who then achieved here at the highest levels.” Board Member Hood said she “played a pivotal role in creating an effective regulatory environment for the U.S. banking system.”
LINK:
NCUA’s Harper, Hauptman, and Hood Commend Chairman McWilliams for Her Service to the FDIC
(July 23, 2021) Federally insured credit unions with $500 million or more in assets could avoid risk-based capital (RBC) requirements and opt-in to a new measure of capital adequacy if they meet a minimum net worth standard and other qualifying criteria, under a proposal issued by the NCUA Board Thursday.
Called the Complex Credit Union Leverage Ratio (CCULR, and dubbed “cooler” by members of the board), the proposal would allow the $500 million and more credit unions to opt in to the new capital standard if they also hold a minimum net worth ratio of 9% as of Jan. 1 of next year (which will be gradually increased to 10% two years later).
Other qualifying criteria include: off-balance sheet exposures held by the credit union must be 25% or less of total assets; trading assets and trading liabilities must be 5% or less of total assets; and goodwill and other intangibles must be 2% or less of total assets.
“A complex credit union that opts into the CCULR framework would not be required to calculate a risk-based capital (RBC) ratio under the Oct. 29, 2015, risk-based capital final rule” as amended in October, 2018, the proposal’s summary states. “A qualifying complex credit union that opts into the CCULR framework and that maintains the minimum net worth ratio would be considered to be well capitalized.”
Issued on a unanimous vote by the board, the proposal would make other changes to the RBC rule, according to the summary, including addressing asset securitizations issued by credit unions, clarifying the treatment of off-balance sheet exposures, deducting certain mortgage servicing assets from a complex credit union’s risk-based capital numerator, updating several derivative-related definitions, and clarifying the definition of a consumer loan.
As both NCUA staff and board members noted during the meeting, the proposal is similar to the community bank leverage ratio (CBLR) adopted by the federal banking agencies for banks and which became effective in 2020. That rule removes requirements for calculating and reporting risk-based capital ratios for most banks with less than $10 billion in assets that hold more than 9% in risk-based capital, and that meet certain risk-based qualifying criteria. Banks meeting the criteria can “opt-in” to use the CBLR.
The NCUA proposal was issued with a 60-day comment period, which means it would end sometime in either late September or early October. That doesn’t give NCUA much time to consider whatever comments it receives before finalizing a rule that will, in effect, directly affect the risk-based capital (RBC) rule set to take effect on Jan. 1.
During discussion, NCUA Board Chairman Todd Harper called the proposal a prudent course of action. “This proposal is an appropriate measure that provides complex credit unions with a streamlined approach to managing their capital levels while also strengthening the system’s resiliency to economic shocks,” he said.
He said year-end 2020 call report data indicate that nearly 75% of complex credit unions would meet the 9% net worth requirement under the proposal. He also asserted that the proposal would increase the capital buffer of insured complex credit unions, by $22 billion (to an estimated $104.6 billion) , if all of the credit unions “opted in” to the rule. (The increase in capital is compared to the total amount if the RBC rule were in effect, Harper noted.)
Board Vice Chairman Kyle Hauptman said the chief benefit of the proposal is that it allows some credit unions to bypass the risk-based capital approach. “For me, the point of this simpler leverage ratio is that it protects both credit unions and the (National Credit Union) Share Insurance Fund from the inevitable problems of risk weighting,” he said.
Although Board Member Rodney Hood said he would “begrudgingly” vote for the proposal (which he did), he took the opportunity before the vote to call for an end to the RBC rule. He said he wants the board to either table the RBC rule or rescind it, noting that it would be eight years old when it fully takes effect. “RBC should be a tool and not a rule,” he said.
LINK:
Notice of Proposed Rulemaking, Parts 702 and 703, Complex Credit Union Leverage Ratio
(March 5, 2021) Watching closely to determine what additional support may be needed for smaller credit unions and minority depository institutions in the months to come as they face the continuing coronavirus crisis will be a priority for NCUA, NCUA Board Member Rodney Hood said this week.
At the same time, he and board Vice Chairman Kyle Hauptman agreed that the agency needs to loosen up chartering requirements so that more federal credit unions can be created.
In recorded remarks to the Credit Union National Association (CUNA) Governmental Affairs Conference, NCUA Board Member (and former Chairman) Rodney Hood said many financial institutions were left more vulnerable than they would otherwise have been due to the financial impact of the pandemic. “So closures of financial institutions, with the attendant systemic risks, are always a possibility,” he said.
Hood said, should closures occur, regulators need to be “prepared to respond appropriately to ensure the safety and soundness of the larger system,” and that it would always be his preference to save institutions rather than merging them.
In other comments, Hood said that moving forward with a new rule to expand lending authorities for credit union service organizations (CUSOs), which is now out for comment, is a priority for him. “This rule also would allow credit unions to invest in non-credit union owned fintech companies, something that I think is critical in today’s marketplace,” he said.
The NCUA board member also voiced support for “significantly” streamlining and simplifying the process of chartering new credit unions. NCUA Board Vice Chairman Kyle Hauptman, during his recorded comments at the conference, echoed Hood’s call.
“There has got to be an easier path for de novo credit unions,” Hauptman said. “I’m from Maine, and I was pleased to hear about a new credit union chartered in my home state just last year— until I learned it took nine years to accomplish. Nine. Things may move a bit slowly in Maine, sure, but not that slowly. Self-reliant, accountable people who want to work cooperatively with others to charter a new credit union that they will own, deserve a clear path to make that a reality.”
Hauptman said he intends to talk to persons who have recently started a credit union and those who want to start one. He said his goal is to work with NCUA staff on a new, easier path for creating new credit unions.
LINK:
NCUA Board Member Rodney E. Hood Remarks before CUNA’s 2021 Governmental Affairs Conference
NCUA Vice Chairman Kyle S. Hauptman Remarks before CUNA’s 2021 Governmental Affairs Conference
(Jan. 29, 2021) On behalf of the state system, NASCUS President and CEO Lucy Ito congratulated new Chairman Harper, noting his experience with credit unions.
“State regulators and credit unions recognize the breadth and depth of his knowledge of the consumer financial services market and his dedication to a robust dual chartering framework that ultimately benefits members of both state and federal credit unions,” Ito said in a press statement. “Working together, we hope to achieve our shared objectives of a safe, sound and strong credit union system that can innovate and grow in the interests of our members.”
The NASCUS leader also extended thanks to former Chairman Hood for working with the state system over the past two years. “We are especially grateful for his support of the 2019 Document of Cooperation between NCUA and NASCUS which provides a durable roadmap for federal-state partnership,” she said.
Finally, Ito said the state system looks forward to working with Vice Chairman Hauptman, who also serves as the NCUA Board liaison to NASCUS, “particularly as both NASCUS and the agency foster collaboration and alignment between state and federal regulators and the whole NCUA Board.”
(Jan. 29, 2021) Todd M. Harper is now the NCUA Board chairman, succeeding Rodney Hood in the position, as the result of designation by President Joe Biden early this week. Harper is the 12th person to be chairman of the federal credit union regulator board.
“The credit union system now sits at the intersection of several crossroads, and the agency faces many decisions ahead related to the economic fallout of the COVID-19 pandemic and the need to advance economic equality and justice,” Harper said in a statement issued the day his designation was announced. “As NCUA Board Chairman, I will continue to focus on four policy priorities: capital and liquidity, consumer financial protection, cybersecurity, and diversity, equity and economic inclusion. Each of these priorities are vital in responding to current economic and marketplace realities.”
Prior to joining the NCUA Board, Harper served as director of the agency’s Office of Public and Congressional Affairs and chief policy advisor to former Chairmen Debbie Matz and Rick Metsger. He is the first member of the NCUA staff to become an NCUA Board member and chairman. Before joining the agency, he worked for the U.S. House of Representatives as staff director for the subcommittee on capital markets, insurance, and government-sponsored enterprises and as legislative director and senior legislative assistant to former Rep. Paul Kanjorski (D-Pa.).
Harper was confirmed by the Senate as a member of the NCUA Board in April 2019. His term expires in just about two months (in April), but he can continue to serve in a holdover capacity until a successor is confirmed.
But Harper is the lone Democrat on the board, serving alongside Republican appointees Hood and Vice Chairman Kyle Hauptman. Because he is the only Democrat, it’s likely that the White House will keep him in the seat until at least another position opens on the board. That may be a while, however: the term of Hood (who remains on the board as a member) ends in August 2023, and Hauptman’s in August 2025.
Hood and Hauptman also released a statement this week congratulating Harper, with Hauptman saying he looked forward to working with the new chairman “to provide a regulatory framework that helps credit unions meet the evolving needs of members,” and Hood saying he would work in partnership with both board colleagues to address the impact of COVID-19 on credit unions, and other things, “in a bipartisan manner.”
(Jan. 15, 2021) The state system has a new, direct contact on the NCUA Board: Vice Chairman Kyle Hauptman, who was named board liaison to NASCUS and another credit union group this week by Chairman Rodney Hood.
In a release, the agency said Hauptman’s responsibilities as liaison to the state system (and to the Defense Credit Union Council, a Washington-based group representing defense-based credit unions) would include meeting with both groups and reporting on priorities and recommendations to the NCUA Board. Hood noted that the Federal Credit Union Act empowers him, as NCUA Chairman, to determine each board member’s area of responsibility.
Hauptman said, in the release, that he is looking forward to working with NASCUS “as it will provide me with a broader understanding of the credit union landscape.”
NASCUS’ Lucy Ito, in a press statement of her own, congratulated Hauptman and added that the state system is fully ready and willing to interact with him to achieve his stated goal of developing a broader understanding of credit unions, particularly the role of the dual chartering system. “NASCUS shares the belief that a strong, equal partnership between NCUA and the state credit union system will help ensure a vibrant and mutually reinforcing dual charter system – which we also believe makes for a stronger, more resilient and long-lasting credit union system overall,” she said.
LINKS:
Hauptman Named NCUA Liaison to DCUC and NASCUS
(Dec. 23, 2020) A new title has been bestowed on the newest member of the three-member board for the NCUA, who is now “vice chairman,” according to a release from the agency late last week.
Kyle S. Hauptman, who was confirmed by the Senate to a seat on agency’s board Dec. 2 – and who joined his first two meetings of the board last week (on Dec. 17 and 18) – was, late in the day Friday, tapped as vice chairman of the panel. The title — while indeed an honor — is largely honorific: other than sitting in for the board chairman in that individual’s absence, and taking a role in some appeals for Freedom of Information Act (FOIA) request decisions (under part 792.28 of agency regulations), there are few specific duties, responsibilities or benefits attached to role, other than those assigned by NCUA Board Chairman Rodney Hood.
The new vice chairman, in a press statement, said that in his role he looks forward to “working with credit unions, my fellow Board Members, and Congress on solutions that provide regulatory relief for the credit union community and expand the use of technology to reach underserved communities.”
This week, Hauptman named veteran credit union service organization (CUSO) and state league executive Sarah Canepa Bang as his senior adviser. The agency, in a release Monday, said Bang has broad experience in the credit union industry that includes serving as executive vice president of industry relations and president and chief strategy officer at CO-OP Financial Services. Previously, she was (among other things) chief executive officer at Financial Service Centers Cooperative, Inc., and executive vice president of the Oregon Credit Union League and Affiliates.
In other agency personnel developments this week, NCUA officially announced the retirement of J. Owen Cole, associate director of the policy and markets division in the NCUA’s Office of Examination and Insurance at the end of this month. NCUA said Cole served in various roles during his 27-year tenure, including senior investment officer, director of the division of risk management, associate regional director of operations, deputy executive director, and acting chief of staff. Most recently he had also served as president of the NCUA Central Liquidity Facility, which addresses potential credit union system liquidity risks.
LINKS:
NCUA Board Designates Hauptman as Vice Chairman
Sarah Canepa Bang Appointed Senior Advisor to Vice Chairman Hauptman
Owen Cole, Associate Director for Policy and Markets, Announces Retirement
(Dec. 18, 2020) Kyle Hauptman, sworn in as the latest (and 24th) member of the NCUA Board this week prior to participation in the Thursday and today’s board meetings, said he has three priorities as a board member: managing the fallout from the current pandemic and economic downturn, expanding the role of technology, and aligning incentives.
“Credit unions were chartered to serve those of modest means. I plan to work with credit unions, my fellow board members, and Congress on solutions for those facing financial stress,” said Hauptman in a release from NCUA. Echoing comments he made to the Senate Banking Committee last summer during his confirmation hearing, Hauptman added that he wants to “expand technology’s role in reaching the underserved because innovation can provide more inclusive financial services.
The newest board member also said that the practice of less-frequent exam cycles for credit unions with the highest marks “will incent them to maintain that benefit and allow the NCUA to focus more of its attention on problematic credit unions.”
Hauptman, nominated June 18 to the NCUA Board by President Donald Trump, has most recently served as a staff director for the Senate Banking Committee Economic Policy subcommittee and as an economic policy advisor to Sen. Tom Cotton (R-Ark.). He worked on the 2016 Trump presidential transition team and served as a policy advisor on financial services for 2012 Republican presidential nominee Mitt Romney (now a U.S. senator representing Utah).
According to NCUA’s release Monday, Hauptman holds a master’s in business administration from Columbia Business School and a bachelor of arts from University of California, Los Angeles
LINK:
Hauptman Sworn in as NCUA Board Member
(Dec. 11, 2020) Final approval of the 2021 NCUA budget, which includes a concerning increase in the overhead transfer rate (OTR), will be under consideration when the agency’s board meets for a second time next week, this time on Friday, likely with its full complement of three members.
The meeting is set for Friday, starting at 10 a.m. ET; it will be live streamed via the Internet.
In November, the agency unveiled a $342.5 million budget that is 1.4% smaller than the approved 2020 spending plan. However, for the following year, the agency projects spending could be increased by 6.3%, reaching $364.2 million.
The 2021 budget also includes an increase of 1 percentage point from 2020 in the OTR – the rate at which the agency transfers funds from the National Credit Union Share Insurance Fund (NCUSIF) to cover “insurance-related costs” applied to the agency’s operating budget – to 62.3%. The remainder of the budget is funded by operating fees paid by federal credit unions.
NASCUS, in testimony last week before the NCUA Board at its public briefing about the 2021 budget, urged the agency to consider making changes to how it allocates expenses to insurance-related activities, in order to ensure balance, equity and that more funds are available to cover any losses that may occur due to the financial impact of the coronavirus crisis.
“The 1% increase in the OTR for 2021 means there will be $3.3 million less to cover losses by the fund,” NASCUS’s Lucy Ito told the board. She noted that NASCUS recognized its recommendations cannot be implemented for 2021, but that the state system hopes they would be considered for future budgets. “We want to work with NCUA,” she said.
The agency’s budget, often an annual focal point of comment and criticism from within the credit union system, has been the source of some controversy this year as well. At the November NCUA Board meeting, both Board Member Todd Harper and then-Board Member J. Mark McWatters said they could not support the 2021 budget as proposed, questioning some expenses, the decrease in the total budget in the face of the financial impact of the coronavirus pandemic, and the lack of funding for consumer protection compliance examiner staff. “As long as I remain on the board, I will continue to carefully review the proposed budgets and identify those items that are not truly important to the operations and mission of the NCUA,” McWatters said.
A day later, McWatters submitted his resignation from the board, citing the impending confirmation of his replacement on the panel, Kyle S. Hauptman. The Senate voted Dec. 2, 56-39, to confirm Hauptman to the seat held by McWatters, who had been serving in a holdover capacity since his term expired in August 2019.
Hauptman is expected to be sworn in as a board member before next week’s meetings, and to join in board deliberations at that session (as well as the Thursday session considering various final and proposal regulations, among other things).
LINK:
NCUA Board agenda, Dec. 18 meeting
(Dec. 4, 2020) A new member will be sitting at the next meeting of the NCUA Board when it gathers in about two weeks, thanks to action taken by the Senate this week.
Kyle Hauptman
Kyle S. Hauptman was confirmed by the Senate Wednesday on a bipartisan vote of 56-39, clearing the way for his swearing in and subsequent participation in a vote slated Dec. 17 on the agency’s 2021-2022 budget.
Nominated June 18 to the NCUA Board by President Donald Trump, Hauptman has most recently served as a staff director for the economic policy subcommittee of the Senate Banking Committee and as an economic policy advisor to Sen. Tom Cotton (R-Ark.). He worked on the 2016 Trump presidential transition team and served as a policy advisor on financial services for 2012 Republican presidential nominee Mitt Romney (now a U.S. senator representing Utah).
Confirmed to a term that continues into August 2025, Hauptman will take the seat recently vacated by J. Mark McWatters, whose term on the board expired in August 2019. McWatters had been serving in holdover capacity until his resignation Nov. 20.
That resignation followed by one day McWatters’ noting during an open board meeting that he would not approve of the agency’s proposed budget without certain changes.
NASCUS President and CEO Lucy Ito congratulated Hauptman on behalf of the state credit union system. “We look forward to working with him over the coming years,” Ito said. “There are a number of key issues of importance to state credit unions, including maintaining an equitable overhead transfer rate from the NCUSIF, continued consideration of subordinated debt for use by all federally insured credit unions, and on-going dialogue and collaboration between state and federal regulators. We are eager to meet with the newest NCUA Board member to discuss these and other issues as together we work toward a strong, and safe, credit union system.”
Hauptman’s confirmation fills out the membership of the agency’s board, as he joins Chairman Rodney Hood and Member Todd Harper. Both Hood and Hauptman are Republican appointees; Harper is a Democrat appointee. Hauptman becomes the third member to join the board in less than two years: both Hood and Harper joined the board in the spring of 2019 (although Hood is serving a second stint on the panel, having served on the board from 2005-09).
During a board briefing Wednesday, both Hood and Harper publicly congratulated Hauptman on his confirmation. Harper, further, noted that all three board members’ names now begin with the letter “H,” replacing the “Ms” on the board (when Chairman Debbie Matz, and Board Members Rick Metsger and J. Mark McWatters all served on the board together).
Interestingly, the last time all three board members’ last names began with the same letter (the “Ms”), all three, eventually, served as board chairmen. Harper could be in line to become the next board chairman (as a Democratic appointee) after Joe Biden is inaugurated as president Jan. 20.
(Nov. 25, 2020) Change is coming to the NCUA Board in the next 10 days or so, following change that already occurred late last week with the resignation of one of the board members. Here’s a quick rundown of what happened late last week, what’s scheduled to happen next week, and a look at what may be ahead for leadership of the agency.
- Last week, Senate Majority Leader Mitch McConnell (R-Ky.) announced (via the Senate’s executive calendar, which lists when executive branch nominees will begin to be considered by the Senate) that the nomination of Kyle S. Hauptman to be a member of the NCUA Board would be considered as early as Monday of next week (Nov. 30). Hauptman was nominated by outgoing President Donald Trump (R ) last summer to take the seat of J. Mark McWatters, whose term expired in August 2019; McWatters has been serving in a holdover capacity until his successor (Hauptman) was confirmed by the Senate. McWatters is a former chairman of the NCUA Board (succeeded by current Chairman Rodney Hood last year), who was named to that position by Trump.
- On Thursday, during the regular monthly meeting of the NCUA Board, both Board Members McWatters and Todd Harper expressed some dissatisfaction with the proposed NCUA budget for 2021, which is scheduled to be the subject of a Dec. 2 briefing by the agency (and which NASCUS has requested to provide comments for). McWatters also announced that he would not support the 2021 staff budget as drafted “as long as I’m on this board.” The NCUA Board is scheduled to consider the 2021 budget at its next monthly meeting, set for Dec. 17.
- Late Friday, McWatters released a copy of a letter he said he had sent to Trump that day informing the president that he was submitting his resignation. “As the Senate is scheduled to confirm my successor in the next few days, I hereby resign my position as of today,” McWatters wrote.
- Monday, Hood publicly released a statement noting McWatters’ resignation, observing that “his years on the NCUA Board are a credit to his decades-long career in law and policymaking. I wish Mark all the best in his future endeavors.” (NCUA Board Member Todd Harper – who also voiced concerns about the budget – released a statement on social media reading (in part) “Mark leaves the Board with a commendable record of achievement, and I wish him well in his future endeavors.”)
The end result of all of this: When the NCUA Board meets Dec. 17 to consider the 2021 budget – including the overhead transfer rate (OTR) for the NCUSIF portion of the agency spending plan – there could be one new face on the board, and perhaps two votes in favor of the agency’s budget for next year.
Looking ahead, with the transition of President-elect Joseph R. Biden (D) now officially underway in advance of the Jan. 20 transfer of power from Trump, there is likely to be more change. The new president will be in a position to designate a new chairman of the NCUA Board (that position is not confirmed by the Senate if the individual has already been confirmed as a board member). As the only Democrat-appointee on the board, Harper is in line to become the next NCUA Board chairman if the president decides to take action.
The most recent example of the president tapping a member of his own party to be chairman: McWatters was named acting chairman of the agency board by Trump on Jan. 26, 2017 – six days after taking the oath of office as president. McWatters replaced Rick Metsger who remained on the board (ultimately to be succeeded by Hood). The “acting” part of McWatters’ title was removed by Trump in June of that year.
Harper’s term on the board ends in April; however, he may serve on the board until a successor is confirmed by the Senate. Hood’s term ends in August 2023; Hauptman, if confirmed, would inherit a term that runs to August 2025.
(Nov. 20, 2020) Two federal banking agencies saw action for their leadership futures this week, as a nominee for one barely failed to be confirmed to the position and another was nominated for a permanent position.
However, further progress for the two candidates – at the Federal Reserve and OCC, respectively — seems doubtful at this stage.
Meanwhile, the Senate could consider the nomination of Kyle S. Hauptman for the NCUA Board as early as the week following Thanksgiving.
On the Federal Reserve nomination: The Senate failed to confirm nominee Judy Shelton on a vote of 47-50, which was marked by bipartisan opposition to her confirmation. Shelton has proved to be a controversial candidate to sit on the central bank board: in the past, she has drawn controversy and some criticism for her expressed views about reinstituting the gold standard, questioning the effectiveness of federal deposit insurance, and the Fed’s independence from political influence.
Republican senators had vowed to consider her confirmation again (which was hobbled the first time by three senators outright expressing or voting in opposition to her, and others not available to vote after quarantining for Covid-19 exposure or infection). However, the Senate recessed Wednesday evening for the Thanksgiving holiday and won’t return until the afternoon of Nov. 30 (the Monday after Thanksgiving). That timing places Shelton’s confirmation in further doubt – on that day, the Democrats gain an additional member, Senator-elect Mark Kelly (Ariz.), who won a special election over incumbent Martha McSally (R ) Nov. 3. All Democrats have vowed to oppose Shelton’s confirmation.
On top of that, time is running short for the Senate to consider her nomination again in the coming weeks, as the current Congress winds down (and the Christmas and New Year holiday breaks loom). The new Congress will take its seats Jan. 3.
Also this week, President Donald Trump nominated Acting Comptroller of the Currency Brian P. Brooks to take the job (that is, remove the “acting” from his title) for a five-year term. Brooks was appointed to his current position by Treasury Secretary Stephen Mnuchin; he was not been confirmed by the Senate.
But the outlook for Brooks’ confirmation is similar to Shelton’s, with an added twist: In addition to growing Democratic opposition, and a dwindling calendar, Brooks will be subject to a Senate Banking Committee hearing on his nomination before he can be considered by the full Senate. Ranking Member Sherrod Brown (Ohio) has already questioned Brooks’ qualifications for the comptroller’s job; Brooks has held the acting title only since late May, and joined the OCC in April.
Nevertheless, press reports indicated late this week that Senate Banking Committee Chairman Mike Crapo (R-Idaho) intends to hold a hearing on the Brooks nomination. Further, reports also indicated that the Senate is also preparing to take up the confirmation of another (less controversial) Federal Reserve Board nominee, Christopher Waller, before Congress ends.
Meanwhile, late this week (after the Senate had already recessed for the holiday), the Senate leader published his Executive Calendar for Monday, Nov. 30 – which includes consideration of cutting off debate on the nomination of Kyle S. Hauptman to take a seat on the NCUA Board. President Trump tapped Hauptman in June to take the seat now held by Board Member Mark McWatters. He has been serving in a holdover capacity since his term expired in August, 2019.