NCUA moves to reduce budget by $2 million during July 21 board meeting
07/22/2011 04:06 pm
Some of the highlights from the July 21 board meeting include:
Reviewing the agency’s 2011 budget and reducing it by $2 million (from $225 million to $223 million), while adding 5 new field positions
Issuing a proposal to expand reporting requirements for Credit Union Service Organizations for a 60 day comment period
Approving borrowing authority of $4 billion by the Temporary Corporate Credit Union Stabilization Fund. This would be from the total of up to $6 billion that NCUA may borrow for the TCCUSF. The agency had said it only plans to borrow approximately $5.5 billion total
Adopting an interim final rule on remittances
Reviewing the NCUSIF and TCCUSF financial statements
The budget reduction represents one percent of the NCUA's 2011 budget, but is still $23 million larger than the 2010 budget. The budget was reduced after making adjustments to the employee pay and benefit budget, administrative and contracting costs, travel and other standard business expenses.
The increased TCCUSF borrowing authority will be used to retire Asset Management Estate promissory notes to the bridge corporates and to pay off any expenses related to the winding down of those bridge corporates. The National Credit Union Share Insurance Fund has a $1.2 billion reserve balance.