The NCUA is projecting an $8.2 million increase (2.8 percent) in its 2017 budget, as well as an additional $14 million for 2018, according to a proposed budget released late last week. The release comes less than two weeks before the agency’s Oct. 27 budget briefing, the first such meeting since 2008.
Among the notable increases in the proposed budget — totaling $299 million for 2017 and $313 million for 2018 — is $157 million in staffing costs for next year (compared to $152 million for 2016), with a projected $10 million increase for 2018. The regulator’s Office of Small Credit Union Initiatives’ budget will remain fairly steady, rising from $6.37 million in 2016 to $6.45 million for 2017 and $6.72 million in 2018. The agency’s Office of Examination and Insurance will also see a slight increase, rising from a budget of $11.57 million this year to $12.25 million for 2017 and $12.72 million for 2018.
Ryan Donovan, chief advocacy officer for the Credit Union National Association (CUNA), commented that while NCUA’s commitment to budget transparency is admirable, the trade association is disappointed by the increases in the proposal.
The Oct. 27 budget briefing will be held in the NCUA board meeting room beginning at 2 p.m. ET and run for approximately two hours. The meeting may also be viewed via livestream through a link on ncua.gov. Read more at CUJournal.