Regulator planning to phase out 40 jobs in effort to cut $3 million from expenses. (National Credit Union Administration)

The National Credit Union Administration board approved a plan last week to cut agency expenses by nearly $3 million and to slash about 40 positions over the next couple of years.

Most of the savings will come through eliminiating jobs through attrition, said Bob Loftus, director of public and congressional affairs.

Karl T. Hoyle, the agency's executive director, spearheaded the plan. He said the reductions will "cut the fat and not any muscle."

So far this year the agency has saved about $645,000 by not filling 11 positions in its regions, Mr. Loftus said. These positions will be eliminated.

11 More Jobs Going, Too

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