Washington Wire – Oct. 23, 2018

Last week, The National Credit Union Administration held its budget briefing and Credit Union National Association (CUNA) Chief Economist Mike Schenk testified on behalf of credit unions. Schenk applauded the NCUA decision to merge the Temporary Corporate Credit Union Stabilization fund into the Share Insurance Fund (NCUSIF), totaling $735 million, and urged for the equity distribution to credit […]

Last week, The National Credit Union Administration held its budget briefing and Credit Union National Association (CUNA) Chief Economist Mike Schenk testified on behalf of credit unions. Schenk applauded the NCUA decision to merge the Temporary Corporate Credit Union Stabilization fund into the Share Insurance Fund (NCUSIF), totaling $735 million, and urged for the equity distribution to credit unions and their members.

“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 proposed a $304.4 million operating budget for 2019 and posted a summary and detailed justification to its website.

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

Read Mike Schenk’s full testimony.

Read the full Washington Wire here.

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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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