NCUA releases draft budget to be discussed in December

Looking ahead to the new year, the National Credit Union Administration’s draft staff budget for 2021–2022 is now available on the agency’s website for review and comment and has been submitted for publication in the Federal Register. For credit unions interested in providing input on the budget, the public comment period is open until Dec. 11.

The draft 2021 operating budget is $315.6 million, which is 0.1 percent lower than the comparable 2020 budget. The draft 2021 capital budget is $18.8 million, or 24.8 percent lower than 2020. Largely because of surplus travel funds from 2020 and a lower estimated travel budget for 2021 due to anticipated COVID-19 travel restrictions, the NCUA is able to lower its operating budget for 2021 without compromising its mission of protecting the safety and soundness of the credit union system.

The draft staff budget summary and detailed budget justifications can be found on the Budget and Supplementary Materials page of NCUA.gov.

The agency will hold a public budget briefing on Wednesday, Dec. 2 beginning at 10 a.m. ET. The meeting will be live-streamed on NCUA.gov.

To comment on the proposed budget, email comments to BudgetComments@ncua.gov by Dec. 11. Comments should provide specific, actionable recommendations. The Board is scheduled to approve a final budget at its Dec. 17 open meeting.

 

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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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