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NAFCU notes areas for cost savings in NCUA proposed 2023-2024 budget
NAFCU Chief Economist and Vice President of Research Curt Long Friday wrote to the NCUA in response to the agency’s 2023-2024 proposed budget, reiterating many of the recommendations and concerns he outlined before the NCUA Board during its public budget briefing.
In the letter, Long urged the agency to focus on implementing lessons learned from the pandemic and to notice the achievements that have already been made towards cost-savings. He also broke down several main recommendations, which call on the agency to:
- preserve the strength of the National Credit Union Share Insurance Fund without overburdening credit unions with exorbitant operating fees and return excess cash from the Operating Fund to credit unions;
- continue to pursue exam modernization efforts, including a hybrid, virtual, and in-person exam posture;
- reduce costs associated with the Model Examination and Risk Identification Tool and provide realistic estimates for completion and maintenance;
- achieve greater transparency regarding cybersecurity expenses; and
- continue to support financial inclusion initiatives and engage in open communication and timely resolution of issues through the newly established Office of the Ombudsman.
NAFCU will continue to engage the agency throughout the budget proposal process.
The association is committed to ensuring a strong, independent NCUA as credit unions' sole industry regulator and fostering a strong, collaborative relationship with the agency. The association will continue to advocate for credit unions' best interests.