NCUA further boosts budget transparency

Office Budgets of Each NCUA Board Member Now Available Online

ALEXANDRIA, VA (December 16, 2014) – To further enhance transparency about the National Credit Union Administration’s budget and operations, the agency today posted online the individual office budgets of each NCUA Board Member.

“In November, I committed to expanding the information and data made available to assist the public in understanding the budget process,” NCUA Board Chairman Debbie Matz said. “For 2015, NCUA has already released more detailed information on the overall budget, office budgets, contracting and the budget process. By making public information about the budgets of each Board Member, we are now taking the next step in furthering our commitment to budget disclosure and public awareness.”

As part of the 2015 budget process, NCUA has increased transparency for the agency’s Operating Budget. Posted on NCUA’s website, this information is available in the 2015 Operating Budget Board Action Memorandum. Similarly, the Board has provided more information in the 2015 Corporate Stabilization Fund Board Action Memorandum.

“Transparency provides the sunlight needed to promote good government and accountability,” NCUA Board Vice Chairman Rick Metsger said. “We have therefore released more information about the budget than in prior years, including information about the budget of each NCUA Board Member. As a result, NCUA’s many stakeholders will be better able to evaluate NCUA’s performance in 2015.”

“In an effort to show my ongoing commitment to full information sharing, I called for posting my office budget on the NCUA website,” Board Member J. Mark McWatters said. “As I noted in my remarks at the November Board meeting, we are spending other peoples’ money, the scarce resources of federal and state-chartered credit unions and their members. Any allocation of these funds should follow only after thoughtful reflection as to the necessity of the expenditures and whether the costs have been undertaken in the most efficient, effective, transparent and fully accountable manner. I welcome the posting of budget information about all Board offices.”

Information about the office budget of each NCUA Board member is available on their individual webpages and on NCUA’s 2015 budget and supplementary materials landing page. The budget is available here for Chairman Matz, here for Vice Chairman Rick Metsger, and here for Board Member J. Mark McWatters.

NCUA will post additional material on frequently asked questions about the budget in the coming weeks.

NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 98 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.

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