CU executives: Proposed NCUA budget is too high
Previewing what may be the industry’s reaction to the NCUA’s 2023 budget, two credit union executives say the agency wants to spend too much money next year—particularly in the current economic environment.
“As NCUA considers its budget, please know any additional costs being passed on to credit unions are magnified given the inflationary environment we are operating in,” Paul Gentile, president/CEO of Merck Employees Federal Credit Union in New Jersey, wrote, in a letter to the agency.
The NCUA has proposed an operating budget of $350 million next year—a 9.6% increase over this year’s budget. The agency also wants to add 25 new positions to its staff.
“While NAFCU supports an engaged and supportive NCUA, we do not support the agency’s decision to propose unreasonable increases in its 2023–2024 proposed budget,” NAFCU President/CEO B. Dan Berger said, shortly after the budget was released.
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