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Washington
With or without govt shutdown NCUA remains open
ALEXANDRIA, Va. (4/11/11)—Government workers were anxiously awaiting news on Friday about a resolution to the apparent impasse in the congressional budget debate, and breathed a sigh of relief when lawmakers beat the midnight deadline for coming to a compromise agreement. However, before the government hammered out its six-month budget deal that cut $38 billion and averted a government shutdown, the National Credit Union Administration (NCUA) in a letter to credit unions (No. 11-CU-05) stated in no uncertain terms that it would be in full operating mode whether or not their was a federal shutdown. “As a self-funded agency, NCUA will remain open and operate business as usual in the event of a government shutdown,” NCUA Chairman Debbie Matz said in a Letter to Federal Credit Unions. Considering the contentious bi-partisan differences regarding the federal budget, it may be information credit unions will want to remember for possible future budget impasses. Matz reminded credit union directors that the agency operates outside of the congressional appropriations process. Thus, the National Credit Union Share Insurance Fund would continue to protect individual deposits without interruption, and other operations, such as inspections, would continue unabated if the government ever shut down because of funding.
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