ALEXANDRIA, Va.– The National Credit Union Administration’s staff draft budget for 2024–2025 is now available on the agency’s website for review and comment, with the agency announcing plans to host a public budget briefing at its headquarters office on Nov. 16.
The briefing will begin at 2 p.m. ET and be livestreamed on www.ncua.gov.
In response, NAFCU called the proposed increases “unreasonable.”
The draft budget, which has been submitted for publication in the Federal Register, with a comment period to run through Nov. 21, includes a proposed combined 2024 budget of $394.5 million, which is 9.5% higher than the 2023 budget.
The Specifics
Of that:
- The proposed operating budget is $382.1 million, which is 11% higher than in 2023.
- The proposed 2024 capital budget is $7.3 million, or 35.6% lower than in 2023.
- The proposed Share Insurance Fund administrative budget is $5.1 million, or 3.6% higher than in 2023.
The agency noted the proposed budget summary and detailed budget justifications can be found on the Budget and Supplementary Materials page on NCUA.gov.
How to Submit Comment, Attend
Those interested in submitting comment on the proposed budget (docket # NCUA-2023-0117) at the Federal eRulemaking Portal by Nov. 21. NCUA said “comments should provide specific, actionable recommendations.
Those wishing to be present at the Nov. 16 budget briefing should email their request to BudgetBriefing@ncua.gov by Nov. 3, and include their name, title, affiliation, mailing address, email address, and telephone number.
NCUA said the Board Secretary will notify approved presenters and give them their allotted presentation times. Presentations should be emailed to Email a copy BudgetBriefing@ncua.gov by 5 p.m. ET on Nov. 8.
The Board is scheduled to approve a final budget at its Dec. 14 open meeting. CUToday.info will have complete coverage.
NAFCU: ‘Unreasonable Increases’
"NAFCU and credit unions support fiscal responsibility,” said NAFCU {president and CEO Dan Berger. “It’s only natural that the agency overseeing credit unions follows the same principle; however, the NCUA, once again, has proposed unreasonable increases for its 2024-2025 budgets. With a proposed increase of 9.5 percent over 2023, the agency needs to rein in unnecessary spending. At a time of such economic uncertainly, the NCUA shouldn't be taking away money from credit unions and the 138 million members they serve. NAFCU will continue to call on the NCUA to find cost saving measures and hold the agency accountable.”