March 04, 2014

NCUA funds in president's budget plan

March 5, 2014 – The president's 2015 budget proposal would allow the agency an operating budget of $274 million and no increase in full-time equivalent positions, which would remain at a total of 1,254.

NCUA is an independent agency whose regulation and supervision costs are paid by credit unions, but its operating fund is included in the president's budget plan.

Also addressed are the Central Liquidity Facility, Community Development Revolving Loan Fund, National Credit Union Share Insurance Fund and Temporary Corporate Credit Union Stabilization Fund.

Under the plan proposed for 2015:

  • The CLF would retain full access to its statutory authority to address credit unions' emergency liquidity needs. That amounts to $2.9 billion in loans outstanding at any one time. CLF operating expenses would be capped at $1.25 million.
  • The CDRLF, which provides loans and grants to low-income credit unions, would get $1.07 million in appropriated funds for technical assistance grants. That is just shy of the agency's original $1.2 million request.

NAFCU supports allowing the CLF full access to its authority to meet credit unions' liquidity needs. It also supports funding for the CDRLF, which provides loans and grants to help low-income credit unions with operations and service to low-income communities.