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NCUA Projects Small Budget Increase, OTR Down But Issues Remain

Credit unions, regardless of charter, were given a reason to breathe a little easier last week during NCUA's Budget Briefing and Public Forum. NCUA Executive Director Len Skiles told participants that the agency was expecting a slight 0.82% increase in the budget for next year at $1.2 million. At the...

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ALEXANDRIA, Va. — Credit unions, regardless of charter, were given a reason to breathe a little easier last week during NCUA’s Budget Briefing and Public Forum. NCUA Executive Director Len Skiles told participants that the agency was expecting a slight 0.82% increase in the budget for next year at $1.2 million. At the same time, the agency, funded by credit union dollars, planned to reduce the overhead transfer rate from 57% to 54% and potentially lower the operating fees paid by federal credit unions 2% to 4%. Skiles emphasized that “no decisions are made” during the budget briefing and the final budget will be presented during the November NCUA Board meeting.

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