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CUs encouraged to submit feedback on NCUA’s proposed 2022 budget
Credit unions are encouraged to review and respond to the NCUA's proposed budget for 2022-2023 – which combined estimates $345.3 million, 1.2 percent higher than the 2021 budget. Comments on the proposal are due to the NCUA Dec. 9; the agency will hold a public budget briefing on Dec. 8.
Of note, the agency increased the travel budget by $8.5 million, or 69.7 percent, for a total budget of $20.8 million. In addition, they added 48 new full-time equivalents (FTEs) to the agency for a total of 1,247 employees.
In addition, the proposal includes a change in expectations for how the extended exam cycle will operate and would result in many more credit unions being subject to annual exams. According to the proposal, the NCUA would expand the criteria for credit unions that meet the requirements for an annual examination to include credit unions with assets between $500 million and $1 billion that have otherwise previously qualified for an extended examination cycle based on the current Exam Flexibility Initiative criteria, as well as credit unions with assets more than $250 million that have been evaluated as facing a higher risk of business or economic challenges.
The NCUA also notes the proposed expansion of the annual examination requirement necessitates an increase in the examination workforce by 29 FTEs.
NAFCU will continue to review the budget proposal and will monitor the budget briefing. Credit unions can submit comments via the Federal eRulemaking Portal. Stay tuned to NAFCU Today for the latest on the NCUA.