The NCUA Board yesterday voted to approve its budgets for 2018 and 2019, and finalized its rule to amend regulations that govern corporate credit unions and the scope of their work. NAFCU President and CEO Dan Berger acknowledged the work the board has done to spend credit unions' funds more efficiently.
"NAFCU thanks Chairman [J. Mark] McWatters and Board Member [Rick] Metsger for their commitment to transparency during the budget process," Berger said. "We appreciate the agency's efforts to slow its rate of spending, but encourage the board to pursue additional cost-saving measures that will strengthen the industry."
The NCUA Board Thursday approved $298.1 million for its 2018 operating budget – a roughly 2 percent increase from the restated 2017 budget – and $302.7 million for 2019. The approved budgets were slightly reduced from their initial proposals.
NAFCU, responding to the proposed budgets in a comment letter and in witness testimony, encouraged the agency stay committed to eliminating inefficiencies and redundancies in its operations so that it is not reliant on annual budget increases.
Also during Thursday's open board meeting: