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The NCUA Board today will vote on the agency's 2019 and 2020 budgets. During last month's budget briefing, NAFCU Board Chair Jeanne Kucey urged the agency to eliminate duplication and create an "efficient budget that can be maintained long-term without relying on annual increases."

Kucey, president and CEO of JetStream Federal Credit Union, noted that the $304.3 million proposed operating budget for 2019 represents a 71 percent increase in the NCUA's budget over a decade; during the same period, the industry has seen a 25 percent reduction of credit unions. For 2020, the NCUA is proposing $316.2 million in spending.

Also on the agency's agenda for today:

• the National Credit Union Share Insurance Fund (NCUSIF) quarterly report; and

• a proposed rule regarding fidelity bonds.

The Federal Credit Union Act sets requirements for the bonding of employees and appointed and elected officials of federal credit unions. In order to obtain federal insurance through the NCUSIF, all federally insured credit unions are required to possess the minimum fidelity bond coverage as prescribed by the NCUA.

NAFCU will update credit unions on the board's actions following the meeting.