NCUA Budget Cut Hoped For by Trades
Trade associations are hopeful the NCUA will reduce its 2013 operating budget during its monthly board meeting July 25. While the board’s open meeting agenda has not yet been released, historically the federal regulator makes mid-year adjustments to the operating budget and announces the annual corporate assessment rate in July.
Representatives from both CUNA and NAFCU noted that in the past three years, the NCUA has reduced the operating budget during the mid-year review. Given the improvement in the economy and on credit union financial reports, and what both groups said was an unjustified 2013 budget increase, a reduction is warranted, they said.
Dunn said second guessing additional costs for safety and soundness when credit union system performance has improved is a legitimate policy question.