The heads of the U.S. financial regulatory agencies met with President Biden on Monday. Except for one: National Credit Union Administration Chairman Todd Harper, who an agency spokesman said was not invited and did not attend.
Regulators who were scheduled to attend the meeting included: Federal Reserve Chairman Jerome Powell; Treasury Secretary Janet Yellen; Gary Gensler, chairman of the Securities and Exchange Commission; Rostin Benham, acting chairman of the Commodity Futures Trading Commission; Dave Uejio, acting Consumer Financial Protection Bureau director, Jelena McWilliams, chairwoman of the Federal Deposit Insurance Corporation and Michael Hsu, acting Comptroller of the Currency.
“Today, the President met with top financial regulators to discuss how to build on the rapid economic turnaround since his inauguration and ensure there is sustainable and equitable growth that benefits every American family,” the White House said in a statement following the meeting.
The White House said the regulators reported that the U.S. financial system remained strong. “The regulators also said they were making steady progress on the President’s executive order on climate-related risk and discussed ideas for promoting financial inclusion and for responsibly increasing access to credit for potential homeowners and small businesses,” the White House said.
White House Press Secretary Jen Psaki described the session as a “routine meeting.” Biden Administration officials gave no reason for why Harper was not included.
Asked for their reaction, credit union trade groups attempted to spin the snub, saying that Congress and the Biden Administration are aware of the work credit unions have been doing throughout the pandemic. A spokesperson for the National Association of Federally-Insured Credit Unions pointed out that Biden is a member of a credit union.
But another source in the credit union community had a blunter reaction to what appeared to be a snub.
“Ouch,” the source declared.