NCUA slashes $6.7 million from 2023 budget

Having been attacked by trade groups for proposed budget increases, the NCUA board on Thursday approved a spending plan that slashes $6.7 million from the document presented earlier this year.

The finalized budget also cuts seven new positions that were in the draft proposal presented by officials.

Earlier this year, the NCUA had proposed an operating budget of $350 million for 2023—a 9.6% increase over this year’s budget. The agency also wanted to add 25 new positions to its staff.

The board additionally approved reducing the operating fee collected by federal credit unions by $15 million next year—a reduction of about 1.8% from the current level.


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