Removing Barriers Blog

CUNA Files Follow-up Letter in Response to NCUA’s Proposed 2019-20 Budget
Posted October 29, 2018 by CUNA Advocacy

On October 26th, CUNA filed a follow-up letter to the National Credit Union Association (NCUA) in response to their proposed 2019-2020 budget. This letter reinforces the testimony provided to the NCUA by CUNA's Chief Economist, Mike Schenk, during their budget hearings on October 17th.

"CUNA continues to believe that the efficiency of NCUA’s operation is paramount to responsibly shepherding credit union members’ resources as NCUA seeks to become a world-class regulator. We believe there is immense capacity for NCUA to reduce its footprint, right-size the organization, and emerge from the resulting transition as a nimbler, stronger, and more efficient and effective regulatory body. The NCUA’s proposed 2019 operating budget represents a small increase relative to the 2018 board-approved budget and it compares favorably to both increases in headline inflation and to increases in credit union operating expenses."

CUNA recognizes and applauds NCUA’s improved budget process as well as most of the details of the budget proposal. Together, they continue to represent a clear, positive, and significant step in the right direction as the agency works to become a leader and innovator in the financial services industry. We hope NCUA will continue to focus on innovation and modernization, more material reductions in the budget, and slowing the growth rate of expenditures. CUNA looks forward to continuing their work with NCUA to further these objectives.