NCUA Vice Chairman Kyle S. Hauptman Statement on Final Rule – Member Expulsion

As Prepared for Delivery on July 20, 2023

Thank you, Rachel for your presentation.

This final rule touches on the core of what makes credit unions unique. As financial cooperatives, credit unions do not have customers; they have member-owners. This is not about dealing with a disruptive customer. This is about expelling an owner of the cooperative. This rule considers the significance of member-owners, but it also gives credit unions the same flexibility as any other business to address threats to the safety of staff and the public.

This concludes my remarks. Thank you, Mr. Chairman.