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NCUA board raises budget by six percent

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The NCUA board, along with CUNA President/CEO Bill Cheney and other CUNA representatives, met this week to discuss important credit union issues, as Congress preps for the "lame duck" session.

During the meeting, CUNA expressed concerns about the increase in the agency's budget spending, which included 7.3-percent raises for employees. The approved budget will require an increase in the operating fee rate for natural person federal credit unions of .24%.

CUNA has provided a summary which includes the board approving a modification to the NCUSIF Overhead Transfer Rate for 2013 from 59.3% to 59.1%, why CUNA will be pursuing the issue with appropriate officials in the administration and Congress in an effort to achieve greater accountability of NCUA on its budget.

The meeting covered:

  • 2013 NCUA Budget
  • NCUSIF/Stabilization Fund Estimated Assessments
  • Overhead Transfer Rate
  • 2013 Operating Fee Scale 

To read the full summary of the NCUA board meeting, click here.

The next board meeting will be held on Dec. 6, 2012.