Trump nominates former Lehman Brothers employee to NCUA board
President Donald Trump on Monday announced his intent to nominate Kyle Hauptman to the National Credit Union Administration board.
If confirmed, Hauptman would replace board member and former chairman J. Mark McWatters, whose term expired last August. McWatters, a Republican and Obama nominee to the board, previously said he intends to remain on the board until a successor is confirmed.
Hauptman, a native of Maine, currently serves as an economic policy advisor to Sen. Tom Cotton, R-Ark., and as a staff director on the Senate Banking Committee's Subcommittee on Economic Policy. He previously served on the 2016 Presidential Transition Team and was a policy adviser to Sen. Mitt Romney, R-Utah, during his 2012 presidential campaign. As part of the Trump transition team, Hauptman was one of four people assigned to lead the “landing team” for the Consumer Financial Protection Bureau. Landing teams collect information on various government agencies in order to facilitate an orderly transition of power at federal financial regulators.
Hautpman does not appear to have any direct credit union experience, though he is not the first nominee to the NCUA board to be in the position. McWatters had not worked within the industry until joining the board, but had worked closely with U.S. Rep. Jeb Hensarling, R-Texas. Hauptman does have experience in the banking sector, however, including having worked as a bond trader at Lehman Brothers. He has written a host of articles, some of which touch on the financial services sector, including one in which he voiced concerns that Dodd-Frank “disproportionately hit community banks.”
Credit union trade groups praised Hauptman’s nomination and said they look forward to working with him. A statement from NCUA Chairman Rodney Hood notaedo Hauptman's “significant experience in the financial services sector as well as the public policy arena, which will serve him well."
Hood continued: "If confirmed, I look forward to working with Kyle to ensure credit unions have the regulatory structure to meet the evolving needs of their members and serve as a vital component of the nation’s economic recovery following the COVID-19 pandemic. I wish him well as he proceeds through the nomination process.”
“Kyle Hauptman has been my trusted economic advisor since 2017," Cotton said in a statement emailed to Credit Union Journal. "I congratulate Kyle and commend President Trump on the nomination. I regret to see Kyle go, but I know he will serve our country with distinction in this important role.”
Hauptman holds an undergraduate degree from the University of California, Los Angeles and earned an MBA at Columbia University. If confirmed, his term would expire in August 2025.