FOR IMMEDIATE RELEASE
October 19, 2022
Credit Union National Association (CUNA) Deputy Chief Advocacy Officer Jason Stverak addressed the NCUA at its briefing for its draft 2023-2024 budget today highlighting that the agency should focus on ‘budgetary discipline.’ NCUA’s proposed combined 2023 staff draft budget is $367.0 million, or 8.1% higher than the 2022 budget.
“CUNA believes that the efficiency of the NCUA’s operation is essential to responsibly using credit union members’ resources as the NCUA seeks to become a world class regulator. We believe there is immense capacity for the NCUA to reduce its footprint, right-size the organization and become a more nimble, stronger, more efficient, and more effective regulator.
“Net income is on track to decline by 30 basis points in 2022. Most economists believe the Federal Reserve’s aggressive policy moves are likely to put the nation into recession, which would only serve to magnify these current financial challenges.
"These trends suggest the agency should be laser-focused on budgetary discipline.”
Stverak also noted that the increased budget comes at a time of increased financial pressure for credit unions, with operating expenses and funding costs rising rapidly and a variety of income sources under increasing pressure.
Comments on the budget are due to NCUA by Oct. 28, and NCUA will vote on the final budget before the end of the year.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 130 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.