League disappointed with proposed NCUA budget
Published by: Sean Brown
November 29, 2023 | Regulatory
Ohio’s credit unions not only support the idea of fiscal responsibility but embody it as they remain viable through a historically unstable economic, regulatory, and political environment; thus, it is only natural that the agency overseeing credit unions follows the same principle. However, the NCUA has once more proposed unreasonable, unnecessary, and unjustified increases for its 2024-2025 budgets. In short, the proposed budget includes a 9.5 percent increase in the combined budget compared to 2023, an 11 percent increase in the operating budget compared to 2023, and an increase of 28 positions. The League submitted a comment letter in staunch opposition to the proposed budget, as the NCUA’s insatiable need to grow cannot continue to come at the expense of those who pay for the privilege of regulation. For more than a decade, the NCUA has increased its budget in the face of declining credit union numbers, and the League will continue to advocate for a budget that is appropriate, justifiable, and proportionate to agency needs.
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