A board briefing on the agency’s “voluntary separation programs” is one of two items on the agenda for next Thursday’s open meeting of the National Credit Union Administration (NCUA) Board, according to information on the agency’s website.
According to trade reports, the agency was reportedly visited last Thursday by representatives from the Trump administration’s Department of Government Efficiency (DOGE), which is led by Elon Musk. (Other reporting suggested similar activity at the Federal Deposit Insurance Corp., or FDIC.) DOGE has been spearheading massive layoffs across the federal government, purportedly in an effort to reduce fraud and waste involving taxpayer dollars.
The NCUA Board canceled its March open meeting after having held two closed meetings (March 12 and 21) dealing with personnel matters. The news website TheCUDaily.com said that according to sources, the March 21 meeting focused on a proposal that the agency is required to provide to the White House on how it will reduce staff. It reported that the NCUA was identifying approximately 200 positions for reductions – about a 16% cut based on 2025 budgeted positions (which total 1,261, up from 1,247 authorized in 2024).
The NCUA is funded nearly completely through fees paid by credit unions and earnings generated by assets held in the National Credit Union Share Insurance Fund (NCUSIF), the federal savings insurance fund for credit unions. Its supervisory functions – which make up the majority of its annual spending, including on examination personnel – are entirely funded by those two sources and not taxpayer dollars. (The FDIC is in a similar position, with its activities funded through assessments on banks for supervision and federal deposit insurance.)
Thursday’s open NCUA Board meeting is set for 10 a.m. eastern. In addition to the separation programs, the meeting will include a board briefing on an interagency rule providing temporary exceptions to certain appraisal requirements in areas affected by California wildfires and straight-line winds, the agenda shows. No regulatory action items are slated.
April 17 open NCUA Board meeting agenda
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