Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
NEW: NCUA Reduces 2013 Spending Plan
ALEXANDRIA, Va. (UPDATED: 7/25/13, 11:14 a.m.  ET)--The National Credit Union Administration today approved changes to its 2013 operating budget, reducing that budget by $2.6 million. 

The $2.6 million savings will help offset costs of the 2014 budget, the NCUA said. 
The budget decrease brings the total 2013 budget to $248,811,780. This is the fourth mid-year budget decrease the agency has approved. 

The agency is also holding employee base salaries at their current levels, in voluntary compliance with the federal pay freeze. The agency had planned $9.1 million in 2013 salary and benefits.  

The Credit Union National Association has encouraged the agency to hold itself to the same standards of containing costs that credit unions are held to by their examiners--including on conditional pay increases for employees. 

"While credit unions are performing well financially, they are still working hard to contain costs, and many are being instructed by examiners to do even more to watch their expenses, including salary increases. Credit unions believe NCUA should be held at least to similar standards," CUNA President/CEO Bill Cheney said. 

In adopting its 2013 budget last fall, the agency noted the U.S. Congress had not yet approved a federal employee pay increase, and indicated that NCUA would not expend $9.1 million it had set aside for a conditional pay increase. Congress has still not approved a federal budget, and CUNA has urged NCUA to continue holding off this expenditure until that approval occurs. 

CUNA has also suggested the NCUA:
  • Consider providing even more information about its budget, such as detailing cost increases per employee for the fiscal year; and
  • Contain costs related its proposal on derivatives, which includes additional costs to credit unions of implementing the program of between $6 million and $11 million.


RSS





print
News Now LiveWire
Consumer spending is slumping #Market #Economy http://t.co/RI4HS68IuJ
12 hours ago
April is #NationalFinancialLiteracyMonth & @TheNCUA Chair Matz urges #creditunions to help members learn to manage/protect their finances.
14 hours ago
Fed. FI regulators' statmnts on compromised credentials/destructive malware #cybersecurity http://t.co/f4uTBDm1PU http://t.co/zP5Iw6VxZc
16 hours ago
Home prices rising faster than wages: @RealtyTrac #NewsNow #Market http://t.co/wa74mnw3Cu
17 hours ago
.@Nussle dropped by the @ACUMuseum recently. Read about his visit http://t.co/bYe8RRgYLP
18 hours ago