As Prepared for Delivery on October 28, 2020
Thank you, Mr. Chairman.
As I have stated many times during my over six-year tenue on the NCUA Board, the agency should operate in a transparent and fully accountable manner where our rules and regulations are clear and unambiguous to all members of the credit union community. While administrative guidance is certainly helpful to agency staff and the credit union community, it does not represent agency regulation, or carry the force of law, as it has not run the necessary gauntlet of the Administrative Procedure Act where interested parties are afforded the opportunity to offer their comments, criticisms, and suggestions for improvement. We should never operate by conducting our examination and supervision oversight as a game of “got you” by relying solely upon administrative guidance. Instead, we should in all instances tie our administrative actions, in an objective and fair-minded manner, to specific provisions of the Federal Credit Union Act, final agency regulation, or judicial holdings.