Senate Minority Leader Chuck Schumer sharply criticized former President Donald Trump’s removal of two Democratic members from the National Credit Union Administration (NCUA) Board, calling the move “illegal” and a direct threat to the financial stability of working families and small businesses.
In a statement released from New York, Schumer said the decision strips away essential oversight from an institution that safeguards trillions of dollars in community-held assets.
“Credit Unions are a central part of community banking across America,” Schumer said. “By illegally firing two Senate-confirmed Democratic National Credit Union Administration board members, Donald Trump is threatening the stability of the Main Street credit unions American families and small businesses rely on.”
The NCUA oversees and regulates the credit union industry, a sector that plays a critical role in providing low-cost financial services to millions of Americans. Board members are Senate-confirmed, and the removal of Democratic watchdogs has raised concerns over political interference in what is intended to be an independent regulatory body.
Schumer accused Senate Republicans of enabling Trump’s actions by failing to uphold institutional norms. “While Senate Republicans continue to look the other way as Donald Trump blows through guardrails to benefit wealthy special interests, Democrats are committed to fighting for what’s best for American families,” he said.
The firing has sparked alarm among credit union advocates and government watchdogs, who say the move could weaken oversight just as many Americans rely more heavily on community-based financial institutions amid ongoing economic uncertainty.
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