WASHINGTON—With the NCUA board set to vote today on its 2023-24 operating budget, the FDIC board this week approved a $2.4 billion 2023 operating budget that will be 6.5% higher than what it spent in 2022.
As CUToday.info has reported, NCUA’s proposed combined 2023 staff draft budget is $367.0 million, or 8.1% higher than the 2022 budget. The proposed operating budget is $350.8 million, which is 9.6% higher than in 2022.
During its meeting, the FDIC indicated the increased funds it has approved will largely go toward employee compensation and to recruit new workers. According to the FDIC, its budget “authorizes 220 new positions primarily to carry out the FDIC’s bank supervision and other core mission responsibilities.”
In addition, the FDIC said it has reached an agreement in principle with its employee union on a new three-year compensation agreement that raises compensation to “reflect the impact that higher inflation has had on current salaries.”
The agreement will also help to “maintain comparability of compensation for FDIC employees relative to other federal banking agencies, as required under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA),” according to the bank regulator.
‘Need for Additional Safety’
In a statement, the FDIC added, “A number of factors are particularly impacting the need for additional safety and soundness and consumer compliance examiners, including the increasing size and complexity of the institutions the FDIC supervises, the downside risks to the banking system in the current uncertain economic environment, the large number of retirement-eligible examiners, and the time needed to develop new commissioned examiners.”
Similar to NCUA, the FDIC said it also “continues the investments the FDIC has been making for a number of years to modernize and enhance the FDIC’s information technology infrastructure and protect the sensitive data that the FDIC maintains.”
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