In addition to the NCUA board’s decisions involving the Temporary Corporate Credit Union Stabilization Fund, Thursday’s meeting saw a mid-year budget review and a proposal on emergency mergers. The meeting also featured a quarterly update on the National Credit Union Share Insurance Fund.
According to Rendell Jones, NCUA’s chief financial officer, agency expenditures are expected to decline by approximately $5.8 million for 2017. This would revise the 2017 operating budget to $292.2 million.
Reduced spending occurred in the following categories:
According to NCUA staff, these funds will be reserved as a contingency for anticipated costs to implement agency restructuring initiatives. No reduction to the operating fund budget was recommended.
Other highlights of the meeting include: