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.

Credit union groups have long complained of the gap between NCUA’s budget and their actual spending, but the agency has worked to rein that in some. NAFCU President/CEO Fred Becker pointed out during his testimony that the variance by year-end 2006 is expected to be around 5% as opposed to 6.6% from 2005. “From what I can see, you’re doing exactly what Len said you would do a year ago,” Becker said, quoting the executive director from last year’s budget briefing.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.