Todd Harper, a Democrat, says he will continue his efforts to increase the agency's consumer advocacy role, despite opposition from the industry and two Republican board members.
Harper, a Democrat, had long been expected to be promoted to the chairmanship under a Biden administration, but he could face an uphill climb moving his priorities forward.
Under a proposed rule change, credit unions would no longer need to seek pre-approval from the regulator before entering into interest rate swaps, speeding up transactions for some of the industry’s biggest institutions that already hold over 80% of total assets.
In placing the $6.6 million-asset institution in conservatorship, the regulator has taken charge of two credit unions in just the first two weeks of the year.
The National Credit Union Administration and the Consumer Financial Protection Bureau will hold strategy sessions and share information tied to consumer protections at institutions with more than $10 billion of assets.