NCUA Money Watch
NAFCU continues to urge the National Credit Union Administration (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 their overall operating budget considering industry consolidation. We urge the agency to continue to provide increased transparency in the budget process as well. NAFCU believes that public budget briefings are an indispensable opportunity for the industry to provide thoughtful input on the NCUA’s expenditures.
How This Impacts You
The 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, the NCUA has increased its budget every year. The $314.6 million operating budget for 2021 represents a nearly 40 percent increase over the past ten years; during the same period, the credit unions industry is on pace to consolidate by 32 percent.
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