ALEXANDRIA, Va.—NCUA has cancelled its open board meeting for April 17, marking the second consecutive open board meeting to be cancelled by the agency.
The decision is not surprising following the Trump Administration Wednesday firing NCUA Democratic board members Todd Harper and Tanya Otsuka.
Only the President can remove a sitting member of a federal agency board. Also, under the Federal Credit Union Act, without at least two members on the board, the NCUA is unable to implement any new action, but the agency can still perform its supervisory and examination duties.
The decision by the White House Wednesday, sources stated, could be a strong signal the Trump Administration is moving to consolidate federal regulators.
Voluntary retirement programs were on the agenda for Thursday. 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.