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NCUA draft budget projects $304M in spending for 2019
The NCUA on Wednesday released its draft budget for 2019 and 2020, which estimates $304.4 million and $316.2 million in spending, respectively. The agency will hold a budget briefing Oct. 17; NAFCU has long supported public budget briefings to help ensure transparency and accountability in the budgeting process.
"NAFCU and our members appreciate the NCUA's continued commitment to an open and transparent budgeting process," said NAFCU President and CEO Dan Berger. "The passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act ensures that the current NCUA Board's commitment will continue under the direction of future boards. We look forward to reviewing the draft budget and providing the agency with our thoughtful feedback to ensure a strong but cost-effective NCUA."
NAFCU is currently reviewing the proposal, but a summary indicates the agency is continuing to implement its reorganization plan and will reduce the number of staff by 10 positions in 2019.
The revised 2019 operating budget is roughly $1.7 million higher than the previously approved two-year budget. The 2019 combined total for operating, capital, and share insurance fund administration budgets is 1.1 percent higher than 2018 at $334.8 million.
The association, 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.
Comments on the proposed budget are due Oct. 26; NAFCU will be submitting comments and attending the Oct. 17 budget briefing. The NCUA Board is set to approve the final budget at its Nov. 15 meeting.