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.