NCUA headquarters. Credit/NCUA
The Defense Credit Union Council (DCUC) is calling on the NCUA to enhance fiscal discipline and transparency as the agency undergoes review by the Department of Government Efficiency (DOGE).
In an April 10 letter to DOGE liaison Sarah Bang, who is also chief of staff for NCUA Board Chair Kyle Hauptman, DCUC President/CEO Anthony Hernandez expressed support for the new leadership's commitment to "reining in spending while preserving the safety and soundness of the credit union system."
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The NCUA declined to comment when asked about any DOGE activity happening inside the agency.
Hernandez emphasized that the NCUA is funded entirely by credit unions, not taxpayers, and advocated to return the National Credit Union Share Insurance Fund's (NCUSIF) Normal Operating Level (NOL) to 1.30%, stating, "Credit unions may be rewarded with dividends for the capital they invest."
Last month, America's Credit Unions formally requested that the NCUA reassess the current NOL of the NCUSIF, advocating for a reduction to balance taxpayer protection with minimized premium charges to credit unions.
The NOL has remained at 1.33% since its reduction from 1.38% in 2022.
DCUC's letter also highlighted concerns over recent agency expenditures, including increased costs associated with the MERIT examination platform and over $1 billion in legal fees from the corporate credit union crisis. "These historical examples underscore the need for greater cost oversight and a reassessment of the long-term value of outsourcing critical regulatory functions," Hernandez noted.
DCUC's appeal came as DOGE, led by Elon Musk, implemented sweeping reforms across federal agencies aimed at reducing government size and increasing efficiency. These reforms have included significant workforce reductions and restructuring efforts, raising concerns among federal employees and stakeholders.
"Credit unions deserve a transparent, cost-effective regulatory environment that reflects their commitment to service — not unnecessary financial burden," Hernandez asserted.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
