WASHINGTON—NAFCU has filed with NCUA its written comments on the agency’s budget in follow up to the oral testimony it provided earlier.
In the trade group’s letter, Chief Economist and Vice President of Research Curt Long called on NCUA to provide more justification for the budget increases and added that “the NCUA's dedication to credit unions should motivate them to aim for annual budget reductions.”
As CUToday.info reported, Long provided remarks at the NCUA’s budget hearing, where he called the trend of substantially increased budgets “unsustainable” and urged the agency to “restrain its spending going forward and look for cost savings wherever possible.”
Challenge to New Hires
Long’s letter requested the NCUA justify newly funded positions and ensure that “overhires” are “not simply…grandfathered into the next budget.” Additionally, he called the addition of 13 examiners for consumer compliance “unwarranted” and pointed out that consumer financial protection is not synonymous with protecting the safety and soundness of the credit union industry.
NAFCU and Long urged the agency to focus on protecting the Share Insurance Fund, continuing offsite examinations, eliminating unnecessary positions, and adopting a transparent method for evaluating cybersecurity and IT expenses.
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