ALEXANDRIA, Va. (7/31/14, UPDATED 11:19 a.m. ET)--The National Credit Union Administration this morning approved changes to its 2014 operating budget, reducing that budget by $1.1 million.
The budget decrease brings the total 2014 budget to $266,920,296. The mid-year reduction continues a favorable trend: This is the fifth mid-year budget decrease the agency has approved. However, it is less of a cut than in previous years.
The decrease to the operating budget is primarily due to vacant staff positions. The NCUA said it also saved $90,000 in monthly transit subsidy reimbursement, since the U.S. Congress reduced the allowable monthly amount to $130 from $245 after the budget was approved.
Also, the NCUA said $1.1 million in reductions will be used to offset next year's budget and reduce operating fees assessed to credit unions. The board anticipates considering its 2015 budget in November.
The Credit Union National Association encourages the agency to hold down costs and apply to its own operations the same standards of containing costs that credit unions are held to by their examiners.
See News Now Friday for more on this NCUA action and on today's other agenda items.