During forum, NCUA gives insights into 2016 budget

NCUA Chairman Debbie Matz invited credit unions and the trade media to an open forum at the regulator’s offices in Alexandria, VA. The forum was held to promote open dialogue and answer any questions credit unions might have. The NCUA budget was discussed and Chairman Matz said she thought that some positions will be eliminated […]

NCUA Chairman Debbie Matz invited credit unions and the trade media to an open forum at the regulator’s offices in Alexandria, VA. The forum was held to promote open dialogue and answer any questions credit unions might have. The NCUA budget was discussed and Chairman Matz said she thought that some positions will be eliminated in 2016, however she also thought the budget would increase.

When explaining more about the budget increase for next year, she said that an increase in capital expenditures was needed to continue upgrading systems. Those systems were in the process of being updated five years ago but the economic downturn halted a full system upgrade. The budget is expected to be released during the Nov. 19 open board meeting. Chairman Matz also said the regulator will return to a two-year budget cycle.

There is currently legislation in Congress, H.R. 2287, that would require the NCUA to hold budget hearings and seek comments before passing a budget. It is currently still in House committee.

The 18-month exam cycle was also discussed during the forum. Chairman Matz said now is not the time to go back to the 18-month cycle. However, Chairman Matz said the NCUA is looking for ways to ease the exam burden.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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