ALEXANDRIA, Va. – NCUA’s 2018–2019 budget proposal is now available online, and the agency is accepting comments as well as requests to present at its Oct. 18 budget briefing. The budget reflects a 2.1% increase in 2018 over 2017.
The detailed budget proposal that will be discussed at the budget briefing is available on the agency’s budget resource center.
“It remains imperative that we provide a transparent budget process in a fully accountable manner that is beneficial to credit unions and the agency,” NCUA Board Chairman J. Mark McWatters said. “The 2018-2019 budget proposal is another step in our broader effort to realign our resources with the mission of the agency to meet the needs of an evolving credit union system in a cost-effective manner while continuing to protect the safety and soundness of the system and the Share Insurance Fund. We hope credit union stakeholders will study the proposed budget carefully and provide us with thoughtful, specific suggestions on where we can make improvements. While final decisions always remain with the board, stakeholders can and should contribute their ideas for our consideration.”
The current proposed 2018 operating budget is $298.2 million and includes a net workforce decrease of 42 full-time equivalents.
NCUA said that in the last year it has taken significant steps to become more efficient. The agency in July announced its restructuring plan that includes closing 40% of its regional offices, eliminating overlapping office functions, and re-tooling its business model. Last November, the board adopted a 2017 budget incorporating recommendations from the Exam Flexibility Initiative that included cost-saving measures such as an extended examination cycle and a smaller agency footprint in credit unions.
The NCUA said it will accept written comments on the proposed 2018-2019 budget by email at BudgetComments@ncua.gov until 5 p.m. Friday, Oct. 27. Comments should provide specific, actionable recommendations rather than general remarks about the size or structure of the budget.
Those who wish to attend the briefing and deliver a statement must email a request to BudgetBriefing@ncua.gov before noon ET on Wednesday, Oct. 11. The request must include the person’s name, title, affiliation, mailing address, email address, and telephone number.
NCUA said it will work to accommodate as many public statements as possible at the Oct. 18 budget briefing.
“The board secretary will inform you if you have been approved to make a presentation and how much time you will be allotted. A written copy of your presentation must be delivered to the board secretary no later than noon ET on Oct. 17,” the agency said.
The Oct. 18 budget briefing will be held in the NCUA board meeting room beginning at 2 p.m. ET and run for approximately two hours. A livestream of the briefing also will be available through a link on ncua.gov.
Due to space considerations, NCUA said it will be able to accommodate a limited number of people in the board room, but an overflow room will be available with a livestream from the briefing.
In response, NAFCU CEO Dan Berger said, “NAFCU and our members appreciate NCUA Chairman J. Mark McWatters and NCUA Board Member Rick Metsger's leadership and continued commitment to greater transparency regarding the budget process. We will review the budget in detail, and look forward to relaying feedback during the Oct. 18 briefing.”
CUNA issued a statement saying, "CUNA has long advocated for NCUA to consolidate its operations and improve efficiencies, and initial analysis of the proposed budget appears to be headed in the right direction."