NAFCU presses Anew for budget restraint from the NCUA
WASHINGTON, DC (November 21, 2013) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement today regarding the National Credit Union Administration (NCUA) Board’s approval today of a 6.7 percent increase in its 2014 operating budget. The budget will grow to $268,290,296 and will be funded in part by $78.97 million in operating fees.
“NCUA reduced its 2013 budget during the regular midyear programming, and we appreciate that,” said Berger. “Still, we believe the agency can and should do more to lower its operating expenses – especially since it is regulating nearly 1,000 fewer credit unions since the financial crisis.”
Despite adjustments to the overhead transfer rate which would mitigate the impact of next year’s operating fees, Berger remains concerned that the NCUA’s budget continues to grow year to year, stating “Again, we urge the board to reprioritize any current resources that can be used more effectively.”
The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.