NCUA Posts Proposed 2019-20 Budget, Projects $304M Spending in 2019

The NCUA on Wednesday released its draft budget for 2019 and 2020, which estimates $304.4 million and $316.2 million in spending, respectively. The agency will hold a budget briefing Oct. 17. NCUA has also posted a proposed budget summary and a detailed budget justification to its Budget and Supplementary Materials page.

CUNA and the state leagues have supported public budget briefings to help ensure transparency and accountability in the budgeting process.

“We thank NCUA for its continued transparency with regard to its budget, and CUNA looks forward to fully analyzing the proposed budget, participating in the briefing and submitting a detailed comment letter,” said CUNA Chief Advocacy Officer Ryan Donovan.

CUNA is currently reviewing the proposal, but a summary indicates the agency is continuing to implement its reorganization plan and will reduce the number of staff by 10 positions in 2019.

The revised 2019 operating budget is roughly $1.7 million higher than the previously approved two-year budget. The 2019 combined total for operating, capital, and share insurance fund administration budgets is 1.1 percent higher than 2018 at $334.8 million.

In previous years' budget testimonies, CUNA has encouraged the agency to continue eliminating inefficiencies and redundancies in its operations so that it is not reliant on annual budget increases.

The agency will be accepting comments on the proposed budget until Oct. 26. The board is scheduled to vote on the final budget at its Nov. 15 meeting.