NAFCU and CUNA both spoke out Thursday against the new annual budget approved earlier in the day by the NCUA Board.
The two-person board – Debbie Matz and Michael Fryzel – approved a $251.4 million budget for fiscal year 2013, a 6.1% jump from the 2012 budget.
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"This year's $14.5 million increase, which follows last year's increase, is difficult to justify in the current economic climate. Perhaps most troubling is that $12.8 million of this increase is for a 7.5% increase in pay – provided the president approves an increase in the general schedule pay scale," NAFCU President/CEO Fred Becker said in a statement.
CUNA President/CEO Bill Cheney, who earlier this week in a letter to the NCUA noted that the number of credit unions to regulate has dropped more than 10% in the past three years, said Thursday, "For credit unions, this budget increase is exasperating, particularly as other federal financial institution regulators have held the line on their own budgets."
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