ALEXANDRIA, Va. (11/14/08)—The National Credit Union Administration (NCUA) released the agenda for its open board meeting next Thursday and among the items for consideration, as expected, is the agency’s 2009-2010 operating budget, overhead transfer rate, and operating fee schedule, as well as issues regarding its examination program. At its annual budget briefing last month, the agency projected a 15% budget increase to $182.9 million and an additional 85 staffers to accommodate program modifications the NCUA said were "necessary to address the current turbulent economic environment." The agency also said the overhead transfer rate is projected to be 55% and the operating fee is expected to increase 10% to oblige increased expenditures. The most significant NCUA program changes noted at the briefing would add additional staff, implement a 12-month examination cycle, develop a national examiner team to conduct high-risk exams, and centralize credit union chartering in 2009. Also on the NCUA agenda:
* A final rule addressing Part 702 of NCUA’s Rules and Regulations, Prompt Corrective Action, expectd to be an amended definition of post-merger net worth; * A final rule addressing Parts 701 and 705, Low Income Definition; * A final rule addressing Part 701, Interpretive Ruling and Policy Statement (IRPS) 08-2, Criteria to approve service to underserved areas; and * The quarterly insurance fund report.
To see the agenda, use the resource link below.