WEBVTT NOTE This file was generated by Descript 00:00:00.460 --> 00:00:02.350 Samantha: Hello, this is Samantha Shares. 00:00:02.980 --> 00:00:07.660 This episode covers NCUA Board Member Tanya OATSKA Remarks at the 2025 00:00:07.660 --> 00:00:09.340 Governmental Affairs Conference 00:00:10.019 --> 00:00:12.569 The following is an audio version of that SPEECH. 00:00:13.059 --> 00:00:16.209 This podcast is educational and is not legal advice. 00:00:16.719 --> 00:00:20.679 We are sponsored by Credit Union Exam Solutions Incorporated, whose 00:00:20.679 --> 00:00:23.719 team has over two hundred and Forty years of National Credit 00:00:23.719 --> 00:00:25.599 Union Administration experience. 00:00:26.149 --> 00:00:29.819 We assist our clients with N C U A so they save time and money. 00:00:30.199 --> 00:00:34.169 If you are worried about a recent, upcoming or in process N C U A 00:00:34.169 --> 00:00:38.499 examination, reach out to learn how they can assist at Mark Treichel DOT COM. 00:00:38.999 --> 00:00:43.329 Also check out our other podcast called With Flying Colors where we provide tips 00:00:43.329 --> 00:00:45.919 on how to achieve success with N C U A. 00:00:46.604 --> 00:00:47.594 And now the SPEECH. 00:00:48.316 --> 00:00:53.516 NCUA Board Member Tanya Oatska Remarks at the 2025 Governmental Affairs Conference 00:00:54.202 --> 00:00:57.282 As Prepared for Delivery on March 4, 2025 00:00:58.153 --> 00:01:01.173 Thank you to Jim, Carrie, and everyone at America’s Credit 00:01:01.173 --> 00:01:02.733 Unions for the invitation. 00:01:03.233 --> 00:01:07.213 Special thanks to the convention center staff and everyone behind the scenes 00:01:07.213 --> 00:01:10.873 who helped put this event together and are making sure it runs smoothly. 00:01:11.403 --> 00:01:14.193 And of course, thank you all in the audience for being here. 00:01:14.844 --> 00:01:18.024 It is an honor to serve on the Board of the NCUA and to see 00:01:18.024 --> 00:01:21.334 the great work credit unions are doing for their members every day. 00:01:21.874 --> 00:01:25.794 The NCUA’s mission of protecting the cooperative credit system is imperative 00:01:25.794 --> 00:01:30.284 for the millions of families that rely on credit unions for a checking account, buy 00:01:30.284 --> 00:01:32.914 a car or a home, or save for retirement. 00:01:33.744 --> 00:01:37.954 Congress has entrusted the NCUA with the responsibility to protect credit union 00:01:37.954 --> 00:01:42.144 members and the credit union system, and our ability to do so depends on a 00:01:42.144 --> 00:01:47.034 strong, independent agency, with dedicated staff who understand the unique role 00:01:47.034 --> 00:01:49.214 that credit unions play in our economy. 00:01:50.000 --> 00:01:53.480 Our independence is critical to maintaining confidence and stability 00:01:53.480 --> 00:01:54.900 in the credit union system. 00:01:55.510 --> 00:01:58.950 If you put your money in a credit union with the words “insured by the 00:01:58.950 --> 00:02:02.830 NCUA” emblazoned on the door, you can trust that you won’t lose your life 00:02:02.830 --> 00:02:05.120 savings if that credit union fails. 00:02:05.630 --> 00:02:09.910 Share insurance creates confidence in the credit union system, which not only 00:02:09.910 --> 00:02:14.410 protects Americans’ hard-earned money, but also helps credit unions attract 00:02:14.410 --> 00:02:16.290 new members and continue to grow. 00:02:17.051 --> 00:02:21.381 As the primary federal regulator of credit unions, the NCUA understands 00:02:21.381 --> 00:02:24.501 the unique characteristics of credit unions and their members. 00:02:25.021 --> 00:02:28.271 Our independence from politics and distinction from other financial 00:02:28.271 --> 00:02:32.331 regulators allows us to focus on what matters to the credit union system. 00:02:32.861 --> 00:02:37.261 It also allows us to maintain long-term stability, mitigate risks and act 00:02:37.261 --> 00:02:41.351 quickly during a crisis, and prudently manage the share insurance fund. 00:02:42.152 --> 00:02:45.082 We must not lose sight of why these guardrails are in place. 00:02:45.732 --> 00:02:49.552 The NCUA, as we know it today, is the product of one too many dark 00:02:49.552 --> 00:02:51.232 periods in our nation’s history. 00:02:51.912 --> 00:02:56.112 During the Great Depression, the stock market crashed, our economy collapsed, 00:02:56.282 --> 00:03:00.942 and thousands of banks failed, wiping out many Americans’ entire life savings. 00:03:01.602 --> 00:03:05.852 In response, Congress created independent financial agencies and consumer 00:03:05.852 --> 00:03:09.732 protections – like deposit insurance – to promote stability and provide a 00:03:09.732 --> 00:03:11.782 safety net for American families. 00:03:12.242 --> 00:03:15.792 Congress also encouraged the creation of federal credit unions under the 00:03:15.792 --> 00:03:20.612 Federal Credit Union Act of 1934, allowing more people of modest means 00:03:20.612 --> 00:03:24.862 to access affordable credit, secure their savings, and ultimately begin 00:03:24.862 --> 00:03:26.662 to recover from financial hardship. 00:03:27.412 --> 00:03:32.192 The credit union movement continued to grow, and in 1970, Congress established 00:03:32.192 --> 00:03:36.402 the NCUA as an independent agency to charter and supervise federal credit 00:03:36.402 --> 00:03:41.142 unions and manage the Share Insurance Fund, which extended the deposit insurance 00:03:41.142 --> 00:03:43.262 safety net to credit union members. 00:03:44.091 --> 00:03:48.451 Fast-forward to the 2008 Financial Crisis, when years of deregulation and 00:03:48.451 --> 00:03:53.001 lax oversight paved the way for risky and unethical financial practices on Wall 00:03:53.001 --> 00:03:55.011 Street to wreak havoc on our economy. 00:03:55.561 --> 00:03:59.331 As financial institutions failed, markets crashed, and businesses 00:03:59.331 --> 00:04:02.351 shuttered, everyday Americans were left holding the bag. 00:04:02.921 --> 00:04:04.991 Millions of families lost their homes. 00:04:05.471 --> 00:04:08.241 While credit unions fared better than banks overall, 00:04:08.331 --> 00:04:10.011 credit unions were not spared. 00:04:10.511 --> 00:04:15.791 Between 2008 and 2012, the NCUA oversaw over 130 involuntary 00:04:15.791 --> 00:04:17.291 liquidations and mergers. 00:04:17.781 --> 00:04:21.781 To create a more resilient financial system, Congress passed the Dodd-Frank 00:04:21.831 --> 00:04:25.911 Act, which put in place higher standards for the largest banks and financial 00:04:25.911 --> 00:04:30.741 companies, established stronger consumer protections, and increased the maximum 00:04:30.741 --> 00:04:33.061 share insurance for credit union members. 00:04:33.788 --> 00:04:36.878 It is no coincidence that credit unions were not the catalyst 00:04:36.878 --> 00:04:38.748 for our past financial crises. 00:04:39.198 --> 00:04:41.768 That is a reflection of the credit union ethos. 00:04:42.228 --> 00:04:45.538 From its inception, the credit union movement has sought to advance 00:04:45.568 --> 00:04:49.608 access for all and prioritize the economic interests of its members. 00:04:50.048 --> 00:04:55.528 Credit unions are an integral part of our financial system, serving over 142 million 00:04:55.528 --> 00:04:57.478 consumers across the United States. 00:04:58.048 --> 00:05:01.508 Credit unions are often a lifeline for the communities they support. 00:05:02.078 --> 00:05:06.208 And for many Americans, they are the only source of access to affordable and 00:05:06.258 --> 00:05:08.638 equitable financial products and services. 00:05:09.336 --> 00:05:13.296 That is why credit unions must continue to show the American people what the credit 00:05:13.296 --> 00:05:17.336 union difference means and live up to the mantra of “people helping people.” 00:05:18.026 --> 00:05:22.286 As not-for-profit, mission-driven institutions, credit unions must embrace 00:05:22.286 --> 00:05:26.076 the importance of strong consumer protection, lower cost financial 00:05:26.076 --> 00:05:28.096 products, and service over profit. 00:05:28.836 --> 00:05:32.886 Too much is at stake to be seen as no different than a bank or a tech company 00:05:32.966 --> 00:05:35.006 or any other financial institution. 00:05:35.596 --> 00:05:38.976 The credit union difference is the ultimate competitive advantage. 00:05:39.748 --> 00:05:43.818 Over the past year, I have focused on small credit unions and promoting 00:05:43.818 --> 00:05:47.868 and preserving minority depository institutions, and we have made sure 00:05:47.868 --> 00:05:51.308 that credit unions who have expanded to underserved areas are meeting 00:05:51.308 --> 00:05:52.758 the needs of those communities. 00:05:53.208 --> 00:05:56.838 There is much more we would like to achieve, including dedicating more time 00:05:56.838 --> 00:06:01.348 and staff to support smaller credit unions and looking at proposing a new rule to 00:06:01.348 --> 00:06:05.638 reimburse credit union board members for childcare and dependent expenses. 00:06:06.198 --> 00:06:09.698 To accomplish our shared goals, we need an independent regulator 00:06:09.698 --> 00:06:11.748 designed to regulate credit unions. 00:06:12.208 --> 00:06:13.208 That is the NCUA. 00:06:13.969 --> 00:06:17.789 The NCUA is critical to protecting the millions of members who rely on us 00:06:17.789 --> 00:06:19.619 to safeguard their hard-earned money. 00:06:20.259 --> 00:06:24.359 By focusing on our mission, we can ensure credit unions are well positioned for the 00:06:24.359 --> 00:06:28.559 future and able to meet their members’ financial needs in good times and bad. 00:06:29.189 --> 00:06:33.179 Ultimately, our society benefits from a healthy credit union system that 00:06:33.179 --> 00:06:37.459 provides access to affordable financial services to those of modest means. 00:06:38.049 --> 00:06:41.499 Protecting that system is central to why we are all here today. 00:06:42.039 --> 00:06:43.389 I hope we never forget that. 00:06:44.009 --> 00:06:44.399 Thank you. 00:06:45.167 --> 00:06:46.577 This concludes the SPEECH 00:06:47.178 --> 00:06:51.658 If your Credit union could use assistance with your exam, reach out to Mark Treichel 00:06:51.658 --> 00:06:54.078 on LinkedIn, or at mark Treichel dot com. 00:06:54.658 --> 00:06:57.288 This is Samantha Shares and we Thank you for listening.