ALEXANDRIA, Va.–NCUA has released its 2017–2018 budget proposal, and CUNA is already sharing concerns that the proposal reflects a more than $8-million increase from the 2016 board approved budget.
A detailed summary of the NCUA 2017–2018 budget proposal is now available online, and the agency said it is accepting comments as well as requests to attend its Oct. 27 budget briefing.
Credit unions and the industry’s trade groups have been outspoken in demanding more input into the NCUA budget—and the Oct. 27 budget briefing and the summary proposal are steps in providing that, Chairman Rick Metsger has stated.
“NCUA continues to provide a level of budget transparency that is considerably more than any other federal financial institutions regulator,” NCUA Metsger said. “We post our budget documents on our website, and the summary of the staff-proposed budget will give stakeholders an early look at what the board will consider later this year. The briefing itself offers another level of engagement, and we are taking comments online, as well. While final decisions always remain with the board, stakeholders can contribute ideas in advance for the board’s consideration.”
A detailed description of the budget proposal that will be discussed at the upcoming budget briefing is available on the agency’s budget resource center.
NCUA said it will accept written comments on the proposed budget by email at BudgetComments@ncua.gov until 5 p.m. Friday, Nov. 4. Comments should provide specific, actionable recommendations rather than general remarks about the size or structure of the budget, the agency said.
The Oct. 27 budget briefing will be held in the NCUA board meeting room beginning at 2 p.m. ET and run for approximately two hours. NCUA explained that due to space considerations, a limited number of people will be able to sit in the board room, but an overflow room will be available with a livestream from the briefing. The livestream also will be available through a link on ncua.gov. CUToday.info will have full coverage.
NCUA stated that anyone wishing to attend the briefing and deliver a statement, must email a request to BudgetBriefing@ncua.gov before noon ET on Thursday, Oct. 20. The request must include name, title, affiliation, mailing address, email address, and telephone number.
CUNA said it reviewing the budget proposal and will have detailed comments.
"As promised by Chair Rick Metsger, the NCUA just unveiled its proposed budget for 2017-2018 to give credit union stakeholders a chance to review it before the agency holds its first budget briefing since 2008,” said Ryan Donovan, CUNA chief advocacy officer. “Unfortunately, the proposed 2017 budget reflects 2.8% increase, or $8.2 million, from the 2016 board approved budget with an estimate for 2018 of $313.1 million. We are disappointed that NCUA’s budget continues to increase.
"While we appreciate seeing some of the materials in advance, we hope there is more to come so that the public can fully evaluate how credit union fees are being spent,” continued Donovan. “CUNA and our state credit union league partners have long advocated to bring back transparency to the budget process.”
NAFCU said that the trade association and its members appreciate the leadership Metsger and NCUA Board Member Mark McWatters have shown in delivering greater transparency regarding the budget process.
“We look forward to reviewing the budget in detail, and relaying our substantive feedback, as well our members’, during the Oct. 27 briefing. As NAFCU has repeatedly urged, we will continue to ask the agency to implement spending efficiencies and reduce line items, where possible,” said President and CEO Dan Berger.