December 11, 2020

NAFCU follows up on NCUA budget briefing testimony, reiterates recommendations

NCUANAFCU's Curt Long wrote to the NCUA Board Thursday to reiterate several recommendations made during his testimony before the board at the 2021-2022 budget briefing that aim to enhance the efficiency of the NCUA budget.

Long, NAFCU’s chief economist and vice president of research, thanked the board for the opportunity to present credit union perspectives on the proposed budget during the briefing and urged the board toward a “more appropriately tailored budget” that adopts lessons learned from the coronavirus pandemic.

In the letter and during his testimony, Long outlined several recommendations for the NCUA to improve the efficiency of its budget, including by:

  • preserving the strength of the National Credit Union Share Insurance Fund (NCUSIF) and avoiding unnecessary assessments on credit unions;
  • pursuing exam modernization efforts and finding cost-saving opportunities during the transition to primarily virtual exams;
  • achieving a reasonable and tailored budget for cybersecurity expenses; and
  • supporting financial inclusion through the NCUA's new Advancing Communities through Credit, Education, Stability and Support (ACCESS) Initiative, with a focus on enhancing field of membership (FOM) and other growth opportunities.

Read Long’s full presentation; view the NCUA’s budget proposal presentation.

NAFCU is committed to ensuring a strong, independent NCUA as credit unions' sole industry regulator and will continue to advocate for credit unions' best interests.