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NAFCU Board of Directors Chair Jeanne Kucey is set to testify before the NCUA Board today on the agency's proposed 2019 and 2020 budgets. NAFCU has long supported public budget briefings to help ensure transparency and accountability in the budgeting process, and Kucey will offer suggestions to ensure credit unions remain competitive in the financial services industry.

The budgets estimate $304.4 million in spending for 2019 and $316.2 million in spending for 2020. The agency's proposed 2019 operating budget represents a 71 percent increase in the NCUA's budget over the past decade, while the industry has seen a 25 percent reduction over the same period. The budgets also indicate that the agency is continuing to implement its reorganization plan and will reduce the number of staff by 10 positions in 2019.

Kucey, president and CEO of JetStream Federal Credit Union (Miami Lakes, Fla.), during her testimony today plans to thank the NCUA Board for being a leader among other federal banking agencies in respect to examining its budget in a transparent manner. She will also reiterate the importance of maintaining the NCUA's independence and strength as the industry's primary regulator.

In addition, Kucey will offer suggestions to help the agency minimize budget increases and improve examination processes, thereby reducing burdens on credit unions. As the industry faces attacks from banks seeking to limit credit unions' growth, despite many banks still being too big to fail, Kucey will also encourage the NCUA to pursue opportunities that keep credit unions competitive.

NAFCU, in previous years' budget testimonies, has encouraged the agency stay committed to eliminating inefficiencies and redundancies in its operations so that it is not reliant on annual budget increases.