CUNA is reviewing the NCUA’s proposed budget for the next 2 years, which the agency released Friday morning in advance of its Oct. 27 briefing. CUNA President/CEO Jim Nussle thanked the agency for posting the information, but questioned the increase from the agency's 2016 budget.
"As promised by Chair Rick Metsger, the NCUA just unveiled its proposed budget for 2017-2018 to give credit union stakeholders a chance to review it before the agency holds its first budget briefing since 2008," Nussle said. "Unfortunately the proposed 2017 budget reflects 2.8% increase, or $8.2 million, from the 2016 Board Approved Budget with an estimate for 2018 of $313.1 million. We are disappointed that NCUA’s budget continues to increase.
"While we appreciate seeing some of the materials in advance, we hope there is more to come so that the public can fully evaluate how credit union fees are being spent. CUNA and our state credit union league partners have long advocated to bring back transparency to the budget process," Nussle added. "CUNA is reviewing the budget proposal and will have detailed comments, and will attend the Oct. 27 public briefing."
CUNA has questioned the annual increase in the NCUA’s budget in recent year, which included a 4.1% increase from 2015 to 2016. Nussle called the NCUA’s June announcement that it would conduct a briefing a “big win” for credit unions.
The briefing will take place after the NCUA’s Oct. 27 open board meeting. The agency will take written comments on the proposed budget until 5 p.m. (ET) Nov. 4. Comments can be sent to BudgetComments@NCUA.gov.
According to the NCUA, comments should "provide specific, actionable recommendations rather than general remarks about the size or structure of the budget."