NAFCU urges greater restraint on NCUA budget

WASHINGTON, DC (November 20, 2014) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in response to the National Credit Union Administration (NCUA) Board’s approval today of a 4.2 percent increase in its 2015 operating budget. The budget will grow to $279.5 million and will be funded in part by $78.69 million in operating fees.

“NAFCU opposes NCUA’s annual budget increase. Because every dollar spent by NCUA derives from credit unions and their 98 million members, NAFCU firmly believes that the agency must be more conscious of ways to control its spending and reprioritize current resources efficiently,” said Berger. “While NAFCU appreciates NCUA Chairman Matz’s commitment to greater transparency, we believe that NCUA can do more to achieve even greater clarity in the budgeting process. The agency has not held a hearing on its budget in over five years and it does not currently publish detailed financial breakdowns for its various funds.”

No assessment is expected in 2015 for the Temporary Corporate Credit Union Stabilization Fund.  The agency also estimated a possible share insurance premium ranging from 0 to 5 basis points.

About Us
The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.

More News