NCUA’s proposed budget appropriately responds to operational challenges but differs from NCUA’s draft strategic plan in several ways that raise questions. CUNA Chief Economist Mike Schenk and Virginia Credit Union League President/CEO Carrie Hunt presented Wednesday at NCUA’s public budget briefing.
NCUA’s proposed combined 2022 budget is $345.3 million, 1.2% higher than the 2021 budget.
“CUNA believes the efficiency of operations is essential to responsibly using members' resources as NCUA seeks to become a world class regulator,” Schenk said. “In general, credit unions, the ones we represent, see the budget documents’ proposed increases in staffing as significant, costly, and unnecessary.”
Highlights of Schenk’s presentation include:
Hunt also thanked NCUA for its transparency throughout the budget process, and reminded the agency every dollar credit unions spend to support to NCUA, is money that can’t be put to work on behalf of members.
She also questioned how NCUA will “mesh this budget proposal with the strategic plan that's still in the proposal stage.”