2022-2023 NCUA budget looks to increase staff and travel
Published by: Sean Brown
December 1, 2021 | Regulatory
On Nov. 17, the National Credit Union Administration (NCUA) released its proposed 2022-2023 staff budget. The proposed combined 2022 budget is $345.3 million, or 1.2 percent higher than the 2021 budget. A quick breakdown of the budget components is below:
- The proposed operating budget is $326.6 million, which is 3.6 percent higher than in 2021.
- The proposed 2022 capital budget is $13.1 million, or 30.7 percent lower than in 2021.
- The proposed Share Insurance Fund administrative budget is $6.2 million, or 21.7 percent lower than in 2021.
While the League appreciates and expects the NCUA to increase funding, when necessary, now more than ever, it does not seem like the appropriate time. As Ohio’s credit unions reel from a global pandemic, labor shortages, and supply chain issues, the last thing the NCUA should be doing is expanding. Over the past year, it has been proven that the remote exams work, credit unions remain compliant, and all of this was accomplished with the current staffing level. Additionally, the League encouraged the NCUA to reallocate any unused 2021 funds, specifically for travel, for future use as necessary.
A complete summary of the budget, and corresponding justifications, can be found here. If your credit union would like to comment on the proposed budget, your reactions can be submitted via the Federal eRulemaking Portal by Dec. 9, 2021.
Read the League’s own comment letter and connect with the League’s Director of Regulatory Affairs, Sean Brown, for any questions or concerns regarding the NCUA’s 2022-2023 proposed staff budget.
Contact Sean Brown for questions or assistance.
