ALEXANDRIA, Va.— NCUA has announced a proposed combined 2023 staff draft budget of $367.0 million, an 8.1% increase from the 2022 staff budget. NAFCU is calling the proposed budget 'unreasonable."
NCUA’s proposed operating budget is $350.8 million, which is 9.6% higher than in 2022.
The proposed 2023 capital budget is $11.2 million, or 14.1% lower than in 2022. The proposed Share Insurance Fund administrative budget is $4.9 million, or 21.5% lower than in 2022, NCUA said.
The proposed budget summary and detailed budget justifications can be found on the Budget and Supplementary Materials page on NCUA.gov.
According to the agency, the staff draft budget has also been submitted for publication in the Federal Register, and the comment period is open until Oct. 28.
NCUA said it plans to hold a public budget briefing at its Central Office on Oct. 19 at 10 a.m. ET. The meeting will be livestreamed on NCUA.gov.
NAFCU Response
“While NAFCU supports an engaged and efficient NCUA, we do not support the agency's decision to propose unreasonable increases in its 2023-2024 proposed budget,” said NAFCU President and CEO Dan Berger. “Credit unions and their members continue to face economic challenges brought on by rising prices and ongoing foreign challenges, and most recently a devastating natural disaster in Florida and Puerto Rico. The NCUA’s decision to increase its travel budget, and in a still-remote heavy environment, and its proposal for significantly higher staffing levels will be detrimental to credit unions.
“Credit unions must be able to rely on the NCUA to support them in every way possible as they brace for economic headwinds and a nascent recession in the coming year,” Berger continued. “NAFCU is committed to working with the NCUA and providing feedback throughout this budget process to ensure the financial budget reflects the needs of the credit union industry.”
To Comment on the Proposed Budget:
- Submit comments on Docket # NCUA-2022-0145 at the Federal eRulemaking Portal by October 28, 2022.
- Comments should provide specific, actionable recommendations.
To Request an In-Person Presentation at the October 19 Budget Briefing:
- Email the request to BudgetBriefing@ncua.gov by Oct. 12
- 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
For those approved to present at the budget briefing, the agency said. written statements and presentations must be sent to BudgetBriefing@ncua.gov by 5 p.m. ET Oct. 14. In addition to delivering remarks at the budget briefing, registered presenters will have the opportunity to pose questions about the budget to NCUA staff.