NCUA Money Watch
NAFCU continues to urge NCUA to reign in year-over-year budget increases that negatively impact credit unions, namely by threatening the viability of the share insurance fund and reducing the dollars credit unions have to serve their members.
The NCUA board should discover efficiencies within the agency to help reduce overall operating budget corresponding to the consolidation of the industry. We urge the agency to continue to provide increased transparency in the budget process as well. Following repeated requests from NAFCU, the NCUA Board held a public budget briefing in October 2016 for the first time in several years. At the briefing, NAFCU President and CEO Dan Berger delivered remarks urging the NCUA Board to significantly reduce the agency's operating budget.
How This Impacts You
NCUA's operating budget is funded exclusively by the credit unions it regulates and insures. As such, every dollar spent by the agency has a direct impact on the daily operations of credit unions, and is an additional dollar that cannot be used toward the benefit of their members. Since 2008, NCUA has increased its budget every year, resulting in a near-doubling for 2018's budget.
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