League opposes unnecessary NCUA budget increases
Published by: Sean Brown
November 2, 2022 | Regulatory
The National Credit Union Administration (NCUA) is funded from the assessments paid by credit unions themselves for the privilege of regulation. This delicate relationship requires a diligent eye on the NCUA’s proposed budget to ensure that the agency does not engage in unnecessary or wasteful spending, and appropriately focuses its resources on protecting the safety and soundness of the credit union industry. That’s why the League took the opportunity to comment on the 2023-2024 Proposed NCUA budget. While the pandemic may be over, a volatile economic environment is emerging, and credit unions and their supervisory authorities must adjust to drive greater efficiency through budget discipline and technological investment. Exploring and developing innovative ways to enhance safety and soundness, expand service, and achieve its mission should remain strategic priorities of both NCUA and the credit unions it supervises. OCUL encouraged NCUA to continue eliminating budget inefficiencies to better reflect today’s financial realities impacting credit unions and their ability to serve their members.
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