Nov. 29, 2012 – NCUA late Tuesday released several new documents that are intended to illuminate what is behind the agency’s 2013 operating budget increase, which NAFCU President and CEO Fred Becker maintains is too costly for credit unions still reeling from the financial crisis.
NCUA’s operating budget is growing 6.1 percent next year to a total of $251.4 million. Included in that is 7.5 percent growth in pay and benefits. The pay increase portion of this hike is dependent in part on whether the president approves an increase in the federal government’s general pay scale.
That “conditional” pay increase, if approved, would total $9.1 million, or about 63 percent of the 2013 budget hike. If that isn’t approved, the board will “return” those funds during the 2013 mid-session budget review, NCUA says.
NCUA Chairman Debbie Matz, in an announcement late Tuesday, said the agency’s release of additional documents on the budget is part of the agency’s ongoing effort to provide greater transparency.
“The NCUA Board is committed to providing comprehensive, easily accessible data about the agency’s budget,” said NCUA Board Chairman Debbie Matz. “We worked very hard to hold the line on staffing and expenditures in 2013 while providing the resources the agency needs to do its job – protecting the industry, credit union members and the Share Insurance Fund.”
NCUA detailed its budget considerations in a release Tuesday. Information for all the 2013 budget components – the added pages plus the overhead transfer rate and federal credit union operating fee scale – are available via NCUA’s website, in Budget and Supplemental Materials