ALEXANDRIA, Va.–NCUA’s draft staff budget for 2022–2023 is now available on the agency’s website for review and comment. The draft budget has also been submitted for publication in the Federal Register, and the comment period is open until Dec. 9, NCUA said.
NAFCU issued a statement saying it was disappointed in some aspects of the NCUA budget announcement.
The agency said the proposed combined 2022 budget is $345.3 million, or 1.2% higher than the 2021 budget. The proposed operating budget is $326.6 million, which is 3.6% higher than in 2021. The proposed 2022 capital budget is $13.1 million, or 30.7% lower than in 2021.
NCUA said the proposed Share Insurance Fund administrative budget is $6.2 million, or 21.7% lower than in 2021.
The proposed budget summary and detailed budget justifications can be found on the Budget and Supplementary Materials page on NCUA.gov.
NCUA said it will hold a public budget briefing on Dec. 8 at 2 p.m. Eastern. The meeting will be livestreamed on NCUA.gov.
To Comment on the Proposed Budget:
NCUA said that those interested in providing commit should:
- Submit comments on Docket # NCUA-2021-0149 at the Federal eRulemaking Portal by Dec. 9.
- Provide a specific, actionable recommendations.
NAFCU Response
In response to the NCUA budget announcement, NAFCU President/CEO Dan Berger issued a statement saying, “While NAFCU appreciates the NCUA’s obligation to a transparent budgeting process, we are disappointed in the agency’s decision to propose certain increases in the draft 2022-2023 budgets. Some of our primary concerns are on the NCUA’s substantial travel budget increase and their assumption that travel can and should bounce back to pre-pandemic levels, as well as the significant increase in full-time equivalents.
“Bearing in mind all the hardships credit unions and their members have faced in the aftermath of the COVID-19 crisis, we urge the NCUA to reassess its budget proposal immediately to identify cost-savings opportunities and eliminate unnecessary areas of spending,” Berger continued. “NAFCU is committed to working with the NCUA and will continue to provide feedback throughout this budget process to ensure the finalized budget properly reflects the agency’s commitment to the credit union industry.”