Last week, the NCUA held its first board meeting since the dismissals of board members Todd Harper and Tanya Otsuka by President Trump in April. As the NCUA has consistently argued that one board member can constitute the required quorum, the meeting was held by the sole remaining member, NCUA Chairman Kyle Hauptman.

While having a one-member board is not completely unprecedented for the organization, it is in its current circumstances, with Harper and Otsuka’s legal challenge to the firings still underway, which could render any actions Hauptman takes as the lone board member null and void if it succeeds.

However, Hauptman refrained from taking action at this board meeting and instead focused on sharing information on the agency’s voluntary separation program, which was approved by the board on March 21st.

As part of the NCUA’s goal to reduce headcount by at least 20% before the end of the year, the agency opened a voluntary separation program, the first round of which ran from March 31st to May 5th. During this time, the NCUA reports that over 250 employees had enrolled in the program, putting the agency on track to meet its goals and providing $75 million in payroll savings for 2026.

America’s Credit Unions supported the program as well as the payroll savings it produced, with Chief Advocacy Officer Carrie Hunt stating that the savings “will ensure credit unions can use their resources to remain focused on serving their members,” and added America’s Credit Unions “will continue to work with the NCUA through its changes, to ensure a vibrant industry.”

For those concerned about how the latest round of staff reductions would harm the NCUA’s operational efficiency and ability to successfully uphold the credit union system, Hauptman was quick to reassure credit unions that this change, as well as the change in the board, will not impact the NCUA’s effectiveness.

“No matter what the board looks like, the NCUA will continue to fulfill its core mission as well as to continuously seek ways to improve our effectiveness,” said Hauptman. “The NCUA leadership team and myself are equipped with the required authorities to continue protecting the system of cooperative credit and its member-owners through effective chartering, supervision, regulation, and insurance.”

While the first round of the voluntary separation program has closed, the agency has not indicated as to whether or not it will open up another later in the year to reach the eventual 21.5% reduction the NCUA predicted.