On January 30, the Securities and Exchange Commission (SEC) announced the appointment of new board members to lead the Public Company Accounting Oversight Board (PCAOB), including current NCUA Chairman Kyle Hauptman.
What is the PCAOB?
The Public Company Accounting Oversight Board was established by Congress in 2002 as part of the Sarbanes-Oxley Act with the goal of overseeing auditors of U.S. public companies. It received further authority over the audits of brokers and dealers registered with the SEC in 2010 through the Dodd-Frank Act.
As part of its duties, the PCAOB oversees the registration, inspection, standard-setting, and enforcement of accounting firms performing audits of said public companies.
The PCAOB operates independently of the SEC, however, the latter does ultimately hold authority over the organization, including in the appointment of the board, approval of its operating budget, and rules/standards.
Hauptman remains NCUA Chairman
Though Hauptman will join the PCAOB board, he will continue on as chairman of the National Credit Union Administration. In a statement issued by Hauptman, he wrote, “I am grateful to President Donald J. Trump and Chairman Paul S. Atkins for their faith in me and for the appointment to the PCAOB. I intend to remain in my role as NCUA Chairman until my successor is appointed by President Trump and confirmed by the U.S. Senate.”
Hauptman has served as the NCUA’s sole board member since the removal of board members Todd Harper and Tanya Otsuka in April 2025, including a brief reinstatement and subsequent removal in August.
Though Hauptman’s NCUA board term was set to expire August 2025, he has remained chairman to date as President Trump has yet to put forth an appointee for Congressional approval.
In learning of the news, America’s Credit Unions issued its own statement lauding Hauptman for his efforts on the NCUA Board. Wrote America’s Credit Unions President/CEO Scott Simpson, “We congratulate NCUA Board Chair Hauptman on his appointment to the PCAOB. In his work on the NCUA Board, Hauptman has prioritized effective oversight, right-sized regulations, and thoughtful modernizations to ensure a safe, stable credit union industry. These priorities are sure to continue in his new capacity. We look forward to continuing to work with Hauptman through the rest of his term at the NCUA.”
