Removing Barriers Blog

NCUA Also Expresses Concerns with FY2018 House FSGG Appropriations Bill
Posted September 07, 2017 by CUNA Advocacy

Last month, the NCUA’s Chairman McWatters sent a letter to Chairman Frelinghuysen and Ranking Member Lowey of the House Appropriations Committee to express the NCUA’s position on provisions included in FY2018 Financial Services and General Government (FSGG) Appropriations Act. 

Similar to CUNA, the NCUA also has a number of concerns with Section 906, which would move the NCUA budget under the congressional appropriations process.  In its letter, the NCUA alerts Congress that moving the NCUA under appropriations would require a number of system and process changes.  The cost of these changes would most likely necessitate an increase in the fees assessed to the federally insurance credit unions that currently fund the NCUA’s budget. 

According to the letter, ”The budget process used by the NCUA provides for direct input from the credit union system and is a process which is very nimble when changes are needed.  The Board holds public meetings to discuss the budget and makes the proposed budget publically available for stakeholder comments prior to final adoption.”    

Earlier this morning, CUNA sent a letter in support of a bipartisan Amendment that would strike Section 906 from the legislation and is currently urging Members of the House of Representatives to pass the amendment.