ALEXANDRIA, Va. – NCUA announced that Gigi Hyland, whose six-year term on the NCUA Board expired in August 2011, is resigning from the three-member panel on Oct. 5.
The move will leave the panel with just two members and a third member is not expected to be seated until next year after the presidential 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 so-called holdover since her term expired last year, after President Obama's nomination for her seat, Carla Decker, president of D.C. Government Employees FCU, withdrew her name from Senate consideration amid controversy.
Because of the long 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 CUs, where she served as chief lobbyist for the corporate credit unions, and has been involved in credit unions for most of her life.
After Oct. 5, Hyland plans to take time off before considering future professional opportunities.