By Ray Birch
ALEXANDRIA, Va.—The Department of Government Efficiency (DOGE) entered NCUA headquarters Thursday, CUToday.info has learned.
As CUToday.info has reported, the Trump Administration has charged every government agency with reducing expenses, and has been discussing combining federal regulators. Previously, CUToday.info reported that NCUA may be considering an early retirement program as a means to reduce staff. However, NCUA declined comment.
CUToday.info has also learned that DOGE Thursday entered the offices of the FDIC and OCC.
The Defense Credit Union Council Thursday learned about DOGE’s presence at NCUA and immediately sent a letter to NCUA’s DOGE liaison, Sarah Bang. DCUC addressed several areas of the credit union regulator’s budget, as well as its practices, in the letter.
“We understand that new DOGE leadership has landed at the NCUA. DCUC supports your efforts to rein in spending at the agency while maintaining the safety and soundness of the credit union system. This helps our member credit unions optimize spending so they can take care of miliary and veteran families,” wrote DCUC President and CEO Anthony Hernandez.
Hernandez asked that as DOGE evaluates opportunities for increased efficiency at NCUA, that the government agency should be aware that NCUA is entirely funded by credit unions—not taxpayers.
“Credit unions also fund the National Credit Union Share Insurance Fund 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,” Hernandez said.
“We also urge a careful review of agency spending in recent years, particularly the sharp cost increases associated with the MERIT examination technology,” added Hernandez. “Additionally, during the failure of the corporate credit unions, the agency relied heavily on outside counsel—an approach that cost over $1 billion in fees for law firms at the expense of credit unions. This includes fees to firms like Kellogg Huber and Korein Tillery, as well as expenses associated with these firms. These examples raise important questions about cost control and the long-term value of outsourcing critical functions.”
DCUC Chief Advocacy Officer Jason Stverak noted that everyone within credit unions will want to know what DOGE learns as it sifts through NCUA’s records, policies and practices.
“If you look back on DCUC’s budget testimony before the NCUA board, on behalf of not only defense credit unions but the entire credit union industry, you will see we are concerned of the potential increasing costs and expenses at the NCUA—for an organization that is funded by credit unions,” Stverak told CUToday.info. “We want to make sure that we're mindful of every dollar that is being spent by the agency.”