ALEXANDRIA, Va.—NCUA’s 2019 and 2020 budgets will be up for a vote during the agency’s open board meeting Thursday.
NCUA is proposing a $304.3-million operating budget for 2018, and a $316.2 million operating budget for 2020.
Both credit union trade groups have been calling on the agency to reduce its budget, including during the recent budget briefing hosted by the agency. The trades have repeatedly pointed out the $304.3 million proposed operating budget for 2019 represents a 71% increase in the NCUA's budget over the past 10 years, even as the number of credit unions has been reduced by 25%.
NCUA has responded by stating the increases are being driven by the growing sophistication of credit union balance sheets, and that it is investing in technology to reduce on-site examinations and reduce costs.
Also on the agency's agenda for Thursday:
- The National Credit Union Share Insurance Fund (NCUSIF) quarterly report
- A proposed rule regarding fidelity bonds
The meeting begins at 10:00 a.m. ET, CUToday.info will provide complete coverage.