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CUNA submitted its written comments on NCUA’s proposed 2023-24 budget Friday. The written comments follow CUNA Deputy Chief Advocacy Officer Jason Stverak’s presentation Oct. 19 at the agency’s public budget briefing.
CUNA thanked NCUA for providing comprehensive budget information and the rationalization and urged the agency to continue the same level of transparency and engagement.
“The NCUA’s proposed 2023 budget reflects an 8.1% increase in expenditures overall compared to the 2022 Board-approved budget,” the letter reads. “Although the requested Capital Budget and Share Insurance Fund Administrative Budget reflect declines, the Operating Budget (which accounts for 94% of total agency expenditures) reflects an increase of 9.6%.
“While an increase is unsurprising in today’s economic environment, CUNA is concerned with the extent of this proposed increase,” it adds, since the increases come against “a backdrop of elevated financial pressure” for credit unions.