ALEXANDRIA—NCUA’s draft staff budget for 2021–2022—which is lower than its 2020 operating budget—is now available on the agency’s website for review and comment.
The budget has submitted for publication in the Federal Register and the public comment period is open until Dec. 11.
“As we consider the draft staff budget for 2021–2022, the NCUA remains firm in its commitment to be a sound and prudent steward of the funds we collect from credit unions and any other resources entrusted to us,” NCUA Chairman Rodney E. Hood said. “This responsibility includes holding ourselves accountable by maximizing our resources and upholding transparency by inviting the public to comment on our proposed budget. Through this process, stakeholders are aware of how and why we allocate resources in the service of our safety and soundness mission.”
NCUA said the draft 2021 operating budget is $315.6 million, which is 0.1% lower than the comparable 2020 budget. The draft 2021 capital budget is $18.8 million, or 24.8% 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 agency said.
The draft staff budget summary and detailed budget justifications can be found on the Budget and Supplementary Materials page of NCUA.gov.
The agency announced it will hold a public budget briefing on Wednesday, Dec. 2, beginning at 10 a.m. ET. The meeting will be livestreamed on NCUA.gov.
To Comment on the Proposed Budget:
- Email comments to BudgetComments@ncua.gov by Dec. 11
- Comments should provide specific, actionable recommendations, NCUA said
To Request a Presentation at the Dec. 2 Budget Briefing:
- Email your request to BudgetBriefing@ncua.gov by Nov. 20
- Include the presenter’s name, title, affiliation, mailing address, email address, and telephone number
- The board secretary will notify approved presenters and give them their allotted presentation times, NCUA said
- Email a copy of the presentation to BudgetBriefing@ncua.gov by 5 p.m. ET on Nov. 30
The Board is scheduled to approve a final budget at its Dec. 17 open meeting.
NAFCU Weighs In
NAFCU stated it appreciates NCUA's continued commitment to an "open and transparent" budgeting process.
“Given the challenges credit unions face as a result of the coronavirus pandemic, it is as important as ever that we ensure the agency’s budget remains strong, yet cost-effective. We look forward to providing the agency with our thoughtful feedback after we fully review the proposal,” said NAFCU President and CEO Dan Berger,