NCUA Board issues asset and supervision threshold final rule, receives mid-session budget briefing
The NCUA Board met Thursday where a briefing on the 2022 mid-session budget revealed the projected Operating Budget surplus for 2022 is around $18 million. In addition, the board unanimously approved two items: a final rule that would amend its regulations to increase the $10 billion asset threshold used for assigning supervision of federally insured credit unions (FICUs) to the Office of National Examinations and Supervision (ONES) to $15 billion, and a proposed rule that would require a FICU to notify the NCUA no later than 72 hours after it reasonably believes that a reportable cyber incident has occurred.
NCUA staff reviewed the status of the agency’s budget, noting the Capital Budget is 65 percent obligated through May with no reported surplus or shortage. Additionally, the Share Insurance Fund (SIF) Administrative Budget is projected to have a small surplus of about $0.6 million. Ahead of the meeting, NAFCU President and CEO Dan Berger asked the NCUA to carefully evaluate how it plans to utilize the remaining resources in 2022 and revisit its draft 2023 budget; however, following the briefing, there was no board action recommended, at this time, to adjust the approved 2022 budgets.
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