League Reviewing NCUA Budget Proposal

Your League is carefully reviewing the NCUA's just-released budget proposal.

The agency will hold a public budget briefing at its Central Office on Nov. 16, beginning at 2 p.m. The meeting will be livestreamed on NCUA.gov.

"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,” said League President/CEO Carrie Hunt.

“Credit unions exist to provide provident credit and everything the agency does has a direct impact on that mission," she noted. "Every dollar NCUA requires of credit unions is money credit unions cannot deploy for the benefit of their members and communities."

The NCUA staff draft budget for 2024–2025 is now available on the agency’s website for review and comment. The draft budget has also been submitted for publication in the Federal Register, and the comment period is open until Nov. 21.

The proposed combined 2024 budget is $394.5 million, or 9.5% higher than the 2023 budget. The proposed operating budget is $382.1 million, which is 11% higher than in 2023.

The board is scheduled to approve a final budget at its December open meeting.

Read NCUA’s full news release here.

From a League standpoint, we remain engaged with the NCUA Board and the agency on a host of issues, including:

• Strategic and budget priorities
• Agency expenditures
• Field-of-membership reforms and enhancements
• Success for credit unions of all sizes
• Flexibility in managing risk (interest rate, credit, liquidity)
• Cybersecurity
• Fraud
• Emerging technologies
• Formation of an advisory council of credit union executives to interact directly with the board and agency
• Development of a metric for measuring the costs borne by credit union members in funding NCUA in relation to the performance and relative success of credit unions within the financial services industry