NCUA Boardroom. Credit/NCUA
At today’s NCUA Board meeting, Chairman Kyle Hauptman acknowledged the agency is entering a significant restructuring phase following the departure of more than 200 employees under its newly implemented Voluntary Separation Program (VSP).
The VSP, launched in line with Executive Order 14210 to improve government efficiency, included two options: A Deferred Resignation Program and a Voluntary Separation Incentive Payment for retirement-eligible staff. Hauptman emphasized that the program was designed to be “voluntary and fair” while aligning with the agency’s operational needs.
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“We’re not going to try to do the cliché of ‘doing more with less,’” Hauptman said. “We know we can’t lose more than 200 employees and think we’re going to have the same people do the same things in the same manner and at the same intervals.”
With cost savings expected to materialize in January, the agency is in a transition period. In the short term, managers are evaluating which processes can be streamlined or paused. Long term, Hauptman said, the agency will reinvest savings into operational efficiency, including through technology, contractors or new hires.
A key goal, Hauptman noted, is to reduce the regulatory burden on credit unions: “A great way to ensure credit unions are financially stable is to give them back some of their money.”
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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.
