NCUA Approves Lower-Than-Proposed 2024-2025 Budget; League Appreciates NCUA Board's Action on Issues Raised During Budget Hearing

The NCUA Board today approved the agency's 2024-2025 budget. Of note, the approved budget is $8.8 million less than the originally proposed budget, though the proposal still represents a 7 percent increase for 2024 over the 2023 Board-approved budget.

League President/CEO Carrie Hunt testified on the budget proposal at the agency's public hearing last month. Your League also submitted written comments on the budget proposal.

"It’s vitally important the industry remains engaged with NCUA on its budget priorities, with the goal of striking a balance between protecting against risk, while also fostering an environment of innovation that best positions credit unions to succeed,” she noted. "Being a good steward of the funds entrusted to the agency by credit unions is important, but equally important is recognizing every dollar the agency requires from credit unions is a dollar not deployed for the benefit of members or our communities."

During her testimony, Hunt noted three key areas of concern: cybersecurity, the agency’s allocation of resources as it relates to serving credit unions of every size, and increased scrutiny on consumer compliance.

Members of the NCUA Board and agency staff noted that comments from Hunt and others were considered in crafting the final budget. Specifically, comments from the League on the agency's MERIT program, cybersecurity program funding, and specialty consumer protection examiners were mentioned at the meeting.