The public meeting of the federal credit union regulator board, set for Thursday (March 27), is now cancelled, according to a notice posted on the agency’s website over the weekend.
However, according to recent reporting, the agency board is apparently struggling with how to comply with Trump administration demands that NCUA cut its staff , and is considering a reduction of nearly 16%.
No reason is given for the cancellation by the National Credit Union Administration (NCUA) Board. The board held two closed (or secret) meetings on March 12 and 21. According to the agendas which were posted by the agency on NCUA.gov, both meetings concerned personnel matters. Those types of meetings may be held secretly under NCUA Board rules.
The news website TheCUDaily.com reported that the March 21 meeting, according to sources, focused on a proposal that the agency is required to provide to the White House on how it will reduce its staff. At the end of 2024, according to the NCUA budget, the agency board had approved 1,247 authorized positions. For 2025, the NCUA calls for 1,261 positions.
CU Daily reported that NCUA is identifying approximately 200 positions for reductions – about a 16% cut based on 2025 budgeted positions. If that holds true, the agency would reduce its staff to 1,061.
According to NCUA budget figures for the period 2012 through 2024, the lowest annual staff total was in 2022 with 1,196 positions.
NCUA is funded nearly completely through fees paid by credit unions and on earnings generated by assets held in the National Credit Union Share Insurance Fund (NCUSIF), the federal savings insurance fund for credit unions. The agency’s supervisory functions – which make up the majority of its annual spending, including on examination personnel – is entirely funded by those two sources and not taxpayer dollars.
NCUA Board Meetings, Agendas, and Results
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