ALEXANDRIA, Va. (12/12/13, UPDATED: 10:25 A.M. ET)--The 2014 Temporary Corporate Credit Union Stabilization Fund Oversight Budget will be just over $4.5 million, the National Credit Union Administration said at this morning's open board meeting.
The $4,525,000 budget represents a decrease of 26% from the oversight budget approved for 2013.
Credit unions will not be billed for this budget, and NCUA Chairman Debbie Matz said the budget will not change the agency's projected assessment for 2014. There will be no change in staffing as a result of the budget.
The funds will be used to cover certain corporate system resolution costs, including external valuation experts, tax consultants, attorneys, financial specialists and accountants.
Watch News Now for more on the ongoing board meeting.