NAFCU urges NCUA to seek efficiencies as it reviews budget
Reiterating the association’s appreciation for the NCUA’s efforts to be transparent in its budget process, NAFCU’s Carrie Hunt on Tuesday urged the NCUA Board to undertake a line-by-line review of its budget to find efficiencies and savings as it carries out its mid-session budget review.
Given that the NCUA’s budget is funded exclusively by credit unions, Hunt, NAFCU’s executive vice president of government affairs and general counsel, emphasized in a letter to NCUA Chairman J. Mark McWatters and Board Member Rick Metsger that the agency’s expenditures have a direct impact on the credit unions the agency regulates and insures.
“In the current regulatory landscape, these dollars become even more significant, as credit unions are forced to expend substantial sums of financial and human capital bringing their policies and procedures into compliance with the sea of new regulatory requirements,” Hunt wrote. “For that reason, NCUA’s budget process continues to be a topic of significant interest to Congress, NAFCU’s membership, and the entire credit union industry.”
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