NCUA Holds 5th Annual Budget Briefing
and Public Forum
October 19, 2005, Alexandria, Va. – The National Credit Union Administration (NCUA) conducted its fifth annual Budget Briefing and Public Forum here today to unveil its projected 2006 agency budget and to accept comments from stakeholders.
NCUA Executive Director J. Leonard Skiles presented staff budget submissions that will, if adopted by the NCUA Board at the level presented, represent a modest increase, achieve an overall budget for 2006 of 1.9 percent over the 2005 approved budget, versus inflation of 4.7, and provide for an average 3.1 percent merit salary increase potential for employees. The projected agency budget for 2006 totals $151 million. Additionally, the proposed budget would decrease the staffing level by 3 to 958 full time equivalent positions.
“Once again, this proposed budget represents the continued wise use of the agency’s resources,” said NCUA Chairman JoAnn Johnson. “This proposal reflects our strong commitment to maintaining a fiscally responsible budget for achieving the NCUA’s mission, while also making certain that America’s credit union system has the regulatory resources necessary in ensuring safety and soundness. I am pleased with the diligence of the NCUA staff and value the steadfast work of the agency’s leadership in preparing this budget for Board consideration. Likewise, I value the significant input from the stakeholders, who have a vested interest in the agency.”
In 2006, significant expenses relate to the agency conducting regional conferences for examiners, implementation of new computer technology throughout the agency, and compliance resources for the Bank Secrecy Act and Home Mortgage Disclosure Act (HMDA).
The agency heard oral comments from representatives of three major credit union trade associations who provided their views on agency expenses and priorities for 2006. The NCUA Board will consider both the oral comments at the public forum as well as submitted written comments, and vote on a final 2006 agency budget at its November 29 Board meeting.
The three public witnesses making oral presentations today included representatives of the Credit Union National Association (CUNA), National Association of Federal Credit Unions (NAFCU) and the National Association of State Credit Union Supervisors (NASCUS). NCUA will accept written statements and comments on today’s presentation through November 4.
For interested parties, the agency’s budget briefing PowerPoint presentation is available on the NCUA website at http://www.ncua.gov/ReportsAndPlans/special/budget/index.html.
The National Credit Union Administration (NCUA), governed by a three-member board appointed by the President and confirmed by the Senate, is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of 83 million account holders in all federal credit unions and many state-chartered credit unions.
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