NCUA Board's Make-Up Could Affect FOM Vote
Even though it's been 10 months since the NCUA Board has had its full compliment of three members, there's still no word from the White House on a nomination to fill the board's vacancy.
Some observers are wondering whether the White House is awaiting the expiration of the six-year term for Deborah Matz later this year so they can nominate candidates for two seats. This might allow them to nominate a Republican and a Democrat, easing the chances for Senate confirmation.
So far, the absence of a full board has not seemed to affect NCUA operations. But it could when the two-member board re-votes the controversial community charter for Tooele FCU in Utah, which was struck down by the federal court. That's because Matz voted against the charter when it was approved by the three-member board in April 2003 on a 2-1 vote, and Chairman JoAnn Johnson voted for it.
NCUA's region five office, which has jurisdiction over Utah, is said to be working with TFCU to prepare an FOM proposal that would be more acceptable to the court, and, presumably, to Matz.
I wonder who wins a tie vote on the NCUA board. Do they flip a coin?