ALEXANDRIA, Va.–One week after representatives of DOGE (Department of Government Efficiency) were in NCUA’s headquarters office, the agency’s board will meet this Thursday with “NCUA’s Voluntary Separation Programs” on the agenda.
The NCUA board reportedly earlier met in closed session about workforce reductions being ordered by the Trump Administration, but the agency has declined to confirm or deny whether that was the case.
As the CU Daily reported earlier, representatives of DOGE were in NCUA’s offices in Alexandria, Va. last week on Thursday and Friday. To date, DOGE has overseen the terminations of tens of thousands of federal government jobs.
NCUA was given a mid-March deadline to provide the Trump administration with its plans for laying off employees as part of the White House’s broader effort to reduce the federal workforce.
The agency has also declined to provide comment to The CU Daily on whether it has provided such a plan for workforce reductions.
NCUA has approximately 1,200 employees across its three regions in the U.S. A workforce reduction of 20% would involve close to 250 people.
Voluntary Leave
Sources have told the CU Daily that some NCUA employees have already accepted a plan that pays them through the end of the year if they leave. Reportedly, some have been offered or explored jobs in credit unions, but they are prohibited from doing so while still employed by the agency.
Another possibility is that DOGE orders NCUA to sell its headquarters office in northern Virginia and move to smaller space. NCUA is one of the few government agencies that owns its own building.
NCUA is funded by credit union operating fees and does not receive any federal funding for its budget.
Defense Council Calls for Efforts to ‘Rein in Spending’
In conjunction with the meeting between DOGE and NCUA, the Defense CU Council last week sent a letter to Sarah Bang, NCUA’s liaison to DOGE, in which it said it strongly supports NCUA’s efforts to “rein in spending while preserving the safety and soundness of the credit union system—a balance that enables member credit unions to better serve military and veteran families across the country.
“As you evaluate opportunities for increased efficiency, we want to highlight that the NCUA is entirely funded by credit unions—not taxpayers, “ the letter states. “Credit unions also fund the National Credit Union Share Insurance Fund (NCUSIF) through the capital they invest. For that reason, we strongly support a return to the normal operating level of 1.30, so that credit unions may be rewarded with dividends for the capital they invest.”
Also on Agenda
There is a second item on the NCUA board agenda this week: A briefing on Interagency Rule, Temporary Exceptions to Financial Institution Reform, Recovery, and Enforcement Act Appraisal Requirements in Areas Affected by California Wildfires and Straight-Line Winds.