National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in response to NCUA Board Chairman Rick Metsger’s announcement during his speech at NAFCU’s 49th Annual conference to hold a public budget briefing this October and to release details of the agency’s proposed 2016-2017 budget in advance of that briefing -- a move NAFCU heartily supports.
“NAFCU and its members greatly appreciate Chairman Metsger’s decision to not only hold this public briefing, but to allow the industry an early look at the agency’s budget plans – a move that provides all stakeholders to provide thoughtful input,” Berger said. “This promises to introduce a level of budget transparency we have not seen in many years.”
In his remarks, Metsger also said credit union stakeholders will have an opportunity to offer comments during the October briefing.
“As part of my commitment to implement Continual Quality Improvement across all aspects of NCUA’s operations, the agency will hold a briefing on the draft budget,” Metsger said. “This budget briefing will be more comprehensive than the briefings previously held by the agency. For example, we will release more details on the proposed budget before the briefing, so stakeholders can review and analyze the information before they participate.”
Metsger said that, even without the briefing, stakeholders can, as always, offer comments about the agency’s budget at any time.
The NCUA chairman said everyone who participates in the budget briefing will be heard, but the agency board is still responsible for making a final decision on expenditures to fulfill its mandate under the Federal Credit Union Act to protect the safety and soundness of the credit union system, the National Credit Union Share Insurance Fund, and the more than $1 trillion of members’ accounts.