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NCUA budget on December meeting agenda
The NCUA Board released the agenda for its December meeting, which notes the agency is set to finalize its 2024-2025 budget. NAFCU has provided comments to the agency via a November letter and at the agency’s public hearing. The NCUA’s proposed budget for 2024 is $394.5 million, an increase of 9.5 percent.
In the comments, NAFCU Chief Economist and Vice President of Research Curt Long urged the NCUA to provide more justification for the budget increases and restrain its spending. Long called the consistent budget increases “unsustainable” and requested the NCUA justify newly funded positions. In addition, Long urged the agency to focus on protecting the Share Insurance Fund and adopt a transparent method for evaluating cybersecurity and IT expenses.
The NCUA is also slated to discuss its operating fee schedule methodology, Central Liquidity Facility budget for 2024, and a request for comment on its Overhead Transfer Rate methodology.
NAFCU will monitor the meeting – set to begin at 10 a.m. Eastern Dec. 14 and available via livestream on the agency’s website – and update credit unions on the final budget.