Newsroom
NAFCU’s Long testifies on ‘unsustainable’ NCUA budget increases
The NCUA held a public hearing for its proposed 2024-2025 budget Thursday. For 2024, the agency has proposed an increase of 9.5 percent from 2023 and an increase of 9.9 percent from the 2024 proposed budget for 2025. During the hearing, NAFCU Vice President of Research and Chief Economist Curt Long urged the agency to be more efficient.
Long said the trend of substantially increased budgets is “unsustainable” and called on the NCUA to “restrain its spending going forward and look for cost savings wherever possible.” Additionally, he requested the agency “embrace the importance of cost-efficiency and prudent financial management by cutting unnecessary budget items like the addition of dozens of new examination staff.”
In his written comments, Long called attention to the operating fee increases for credit unions. He noted that credit unions are concerned about sharp increases to the fee with margins tightening.
Additionally, CUNA Chief Economist Mike Schenk said the association supports adding some positions to the agency’s staff, but he expressed concerns with the “level and focus of proposed additional staff, including regional specialists to focus on consumer financial protection.”
Remarks were also provided by speakers from GoWest Credit Union Association, the Virginia Credit Union League, and the National Association of State Credit Union Supervisors.
NAFCU will continue to engage the NCUA on credit union priorities and ensure credit union voices are heard in Washington.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public
2024 Mid-Year Fraud Review
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
Get daily updates.
Subscribe to NAFCU today.