As Prepared for Delivery on November 5, 2025
Opening Statement for the Budget Hearing
I’d like to start today’s hearing by thanking each of the individuals who are here today to provide remarks. I’d also like to thank those who have submitted feedback through Regulations.gov.
The budget for 2026 looks very different than the budgets we’ve seen in the past. You may also notice that this year’s budget hearing is in a new location. By hosting the Budget Hearing in the Board Room, we’re saving agency funds and allowing us to use this big screen. Prior years were in our event space downstairs, which had its advantages but it also cost more money.
Since my first year at the NCUA, I’ve been committed to identifying opportunities to reduce costs and operate more efficiently. I consider it a requirement of the job for any NCUA board member. Since becoming Chairman, I made the decision to reduce my own office staff by 20% and lowered our operating expenses earlier this year.
My colleagues have done a great job finding ways to reduce costs and refocus on NCUA’s core responsibilities. In 2025 alone, we reduced contract spending by $16 million and decreased personnel by 23% through voluntary separations rather than reductions in force.
Yes, we have a smaller workforce - but this team represents what efficient government looks like. Our support of credit unions has not stopped or stalled. We are driving efficiencies through improved technology, streamlining processes, and reducing unnecessary burden for both credit unions and ourselves. We are in a rare position to refocus priorities and provide new opportunities for our staff to advance their careers.
I want to acknowledge that what we are doing at NCUA isn’t unusual at all in the private sector, which is where most Americans work. The private sector is the only source of wealth, and the only reason any of us can eat dinner tonight. Credit unions have to prioritize and make tough decisions, conduct layoffs, close down entirely, all those painful things that are necessary in normal life but considered unusual in government.
Before we begin remarks from our guests, it’s important to note that the NCUA staff draft budget document is not a final product. It’s a baseline and starting point for us to build on with the feedback we’ll receive today. But it’s just one part of our budget planning process.
It is our goal that today’s hearing increases the public’s understanding of our priorities and clears the way for informative dialogue that leads to passing a budget that sets the NCUA and the credit union system up for success.
I look forward to hearing today’s briefing from NCUA’s Acting Chief Financial Officer and the testimonies of each participating stakeholder.