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The NCUA Board will hold its budget briefing today, with Beverly Zook, president and CEO of Money One Federal Credit Union, testifying on behalf of NAFCU. The agency has proposed $298.2 million in spending for 2018, up modestly from its restated 2017 budget.

The budget briefing will be held from 2 p.m. to 4 p.m. Eastern today.

During her testimony, Zook plans to thank the NCUA for its leadership and transparent budget process. However, she notes that Money One FCU and many other credit unions are concerned about the agency's inclination to spend more of credit unions' monies that could be used to better serve their members.

The agency has proposed an even larger budget for 2019 than 2018 – $302.8 million in spending – which amounts to a near-doubling of the NCUA's budget in a decade, despite a consolidating industry.

NAFCU has commended NCUA Chairman J. Mark McWatters on his efforts to make the agency more efficient – the current budget proposal for 2018 does include reduced staff and fewer offices to help eliminate duplicative services.

The NCUA started NAFCU-requested public budget briefings last year. NAFCU President and CEO Dan Berger spoke during last year's briefing and noted concerns over the agency's ever-increasing budget and how the NCUA should be looking to find cost savings wherever possible.