Chief Economist Testifies for Credit Unions at NCUA Budget Briefing

FOR IMMEDIATE RELEASE  

CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; lwilliams@cuna.coop  

Washington, D.C. (Oct. 17, 2018) – The National Credit Union Administration (NCUA) held its budget briefing today and Credit Union National Association (CUNA) Chief Economist Mike Schenk testified on behalf of America’s credit unions. Schenk applauded the NCUA decision to merge the Temporary Corporate Credit Union Stabilization Fund into the Share Insurance Fund (NCUSIF) and to make a $735 million equity distribution to credit unions and their members.  

The NCUA’s proposed 2019 operating budget totals $304.4 million, which represents a $1.7 million (0.6%) increase relative to the 2018 board-approved budget. 

“We thank NCUA leadership for continued improvement in the budget process which has been more transparent, more inclusive and easier to understand,” said Mike Schenk, CUNA Chief Economist. “We hope to see more innovation and modernization, more material reductions in the budget, and a continued focus on slowing the growth rate of expenditures.”  

As a result of CUNA’s advocacy efforts, NCUA is required by law to conduct annual public budget briefings and accept public comment due. These requirements are part of the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), which passed in May.   

The NCUA has posted a summary and detailed justification for the proposed 2019 budget on the agency’s website. 

CUNA supports the NCUA’s efforts to letting stakeholders engage in the budget process.  

Read more here on CUNA News.

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About CUNA:     

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 110 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.