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In action heartily supported by NAFCU, NCUA will hold a public budget briefing this October and will release details of the agency's 2017-2018 budget plans in advance of that briefing, NCUA Board Chairman Rick Metsger told attendees at NAFCU's Annual Conference Wednesday in Nashville.

NAFCU President and CEO Dan Berger expressed appreciation and thanks to Metsger for this decision to air the agency's budget plans in advance and allow stakeholder review and input. "NAFCU and its members greatly appreciate Chairman Metsger's decision to not only hold this public briefing, but to allow the industry an early look at the agency's budget plans – a move that provides all stakeholders the opportunity to provide thoughtful input," Berger said. "This promises to introduce a level of budget transparency we have not seen in many years."

Metsger also said credit union stakeholders will have an opportunity to offer comments during the October briefing.

"As part of my commitment to implement Continual Quality Improvement across all aspects of NCUA's operations, the agency will hold a briefing on the draft budget," Metsger said. "This budget briefing will be more comprehensive than the briefings previously held by the agency. For example, we will release more details on the proposed budget before the briefing, so stakeholders can review and analyze the information before they participate."

Metsger said that, even without the briefing, stakeholders can, as always, offer comments about the agency's budget at any time.

Metsger, following his general session address, spent some time in the Solutions Expo for a "meet-and-greet" session with Annual Conference attendees.

The agency chairman later told NAFCU Today that allowing credit unions an early look at the agency's draft budget and to weigh in won't hurt the agency – NCUA still has to make its own budget decisions – and could even bring useful information to light. He recalled his years in Oregon's Senate and on the Ways and Means Committee there, noting that full disclosure of planned budgets was routine for him and that sharing the information generally isn't a problem as long as no concerns about privacy or sensitive data arise.

"Transparency and clarity are good" things, he said.

Metsger, during his general session address, said everyone who participates in the budget briefing will be heard, but the agency board is still responsible for making a final decision on expenditures to fulfill its mandate under the Federal Credit Union Act to protect the safety and soundness of the credit union system, the National Credit Union Share Insurance Fund, and the more than $1 trillion of members' accounts.

NCUA used to hold public budget briefings but ended the practice in 2011. NAFCU has been strongly urging a return to yearly briefings to facilitate input and transparency. Yesterday, the agency pointed out that the industry had a glimpse of the 2017 budget last year, when it returned to a two-year budget cycle. That information will be updated before the October briefing, it said.

NCUA's 2016/2017 budget documents are online.

Wednesday's announcement follows NCUA's recent decision to conduct a comprehensive review of its examination and supervision process. Metsger created a working group to field stakeholder suggestions and report its recommendations to the Board in September.