The National Credit Union Administration has announced that Gigi Hyland is resigning from its three-member board on Oct. 5.

The move will leave the panel with just two members. A third member is not expected to be seated until after the November elections and a new Congress is seated.

"During the recent economic crisis, I am especially proud of the collaborative efforts taken with my Board colleagues to stabilize the credit union system and foster its recovery," Hyland wrote in her resignation letter to President Obama.

The departure of Hyland, a Democrat, leaves the NCUA board with one Democrat, Chairman Debbie Matz, and one Republican, Michael Fryzel.

Hyland has been serving as a holdover since her term expired in August 2011, after President Obama's nominee for her seat, Carla Decker, withdrew her name from Senate consideration. Decker is the president of D.C. Government Employees Federal Credit Union.

Because of the deliberative process required for seating an NCUA board member — a candidate must be nominated by the president, his or her background investigated by the Senate Banking Committee, then endorsed by the committee before being voted by the full Senate — a replacement for Hyland is not expected until into the middle of next year.

Hyland came to NCUA in 2005 from the Association of Corporate Credit Unions, where she served as chief lobbyist.

After Oct. 5, Hyland plans to take time off before considering future professional opportunities.

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