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NAFCU's Carrie Hunt wrote to the NCUA thanking Chairman J. Mark McWatters and Board Member Rick Metsger for their strong commitment to budget transparency, diligent execution of long term reorganization and modernization initiatives to curb year-over-year budget growth, and for inviting NAFCU's Board Chair Jeanne Kucey to present at its recent budget hearing. 

Hunt, NAFCU's executive vice president of government affairs and general counsel, also acknowledged McWatters and Metsger for hosting open budget hearings years before they were required to by the Economic Growth, Regulatory Relief and Consumer Protection Act (S.2155). 

The letter, sent Tuesday, reiterated many of the comments posed by Kucey, president and CEO of JetStream Federal Credit Union (Miami Lakes, Fla.), at the budget hearing and included a copy of her testimony.

During her remarks, Kucey:

• urged the agency to pursue "an ongoing, agency-wide commitment to eliminating duplication and creating an efficient budget that can be maintained long-term without relying on annual increases;"
• recommended the agency reconsider its conservative approach to supervision, saying that "the NCUA cannot realistically eliminate all risks as credit unions accumulate more assets;"
• encouraged the agency to better coordinate resources and expertise with other regulators, including state supervisory authorities; and
• reiterated NAFCU's recommendation of expanding eligibility for an extended 18-month exam cycle for all well-run, low risk credit unions "to reduce burdens and achieve additional savings."

Kucey also asked the NCUA to reconsider its request for third-party vendor authority, seek ways to reduce expenses related to contracted services, balance enhanced monitoring with respect for credit union autonomy, and return the National Credit Union Share Insurance Fund's normal operating level to 1.3 percent as soon as possible.