WASHINGTON, D.C.—Dennis M. Kelleher, Co-founder, President, and CEO, issued the following statement regarding the unlawful firing of two Board Members of the National Credit Union Administration (NCUA)—Todd Harper and Tanya Otsuka.

“Credit unions are vital to Main Street families, small businesses, communities, and the economy. The Trump Administration’s decision to illegally fire two of the three people who lead the independent NCUA will prevent the agency from doing its job to supervise our nation’s credit unions, ensure that they are providing financial services to their communities, and protect customers’ deposits, financial data, and activities. The American people need and deserve a financial system that is well-regulated, supervised, and policed, but Trump is taking the cops off the financial beat, leaving Main Street Americans needlessly exposed to financial predators and exploitation.

“Americans small towns, working Americans, and underserved communities rely on credit unions:

• There are thousands of credit unions operating around the country, serving 140 million customers.
• Most credit unions are small, serving Main Street families and small businesses.
• About 500 credit unions are minority depository institutions, specifically focused on providing banking services to communities often overlooked and underserved by the rest of the banking system.
• More than 70 million credit union customers are working families with low-incomes, who without the availability of credit unions, may be forced to turn to predatory, high-cost, and discriminatory financial service providers such as check cashers and payday lenders.

“These firings are the latest Trump Administration attack on consumers and the independent federal agencies that protect them. Like the firing of Democratic commissioners at the Federal Trade Commission last month, the NCUA firings are wrong from a legal and policy perspective. Bipartisan boards provide essential deliberation and decision-making in the best interest of Main Street Americans and financial stability; this is now impossible at the NCUA with today’s action.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.