I am pleased that for the second time since I began my tenure on the NCUA Board, we are again living up to the commitment to be transparent on the NCUA’s budget. As Chairman, my priorities are:
- A full regulatory review with the goal of empowering credit union innovation, while lifting unnecessary regulations and streamlining others;
- A top-to-bottom review of the agency to determine what works, what doesn’t and where we can improve; and
- Greater control over the agency’s budget and resource allocation process.
This budget briefing is an important part of our effort to present the proposed budget for the NCUA to the public and interested stakeholders.
In collaboration with Board Member Metsger, I have sought to discharge my responsibilities with transparency, thoughtfulness and deliberateness. I have worked diligently to balance the NCUA’s mission of ensuring the safety and soundness of the credit union system and protecting the National Credit Union Share Insurance Fund with the need for meaningful regulatory relief so that credit unions can continue to deliver critical financial services to their more than 109 million members.
The budget proposal released on October 6, 2017, exemplifies this same ethos—forward looking strategies that enable the NCUA to meet future challenges and take advantage of opportunities. The 2018–2019 budget proposal is another step in the NCUA’s broader effort to realign its resources to meet the needs of an evolving credit union system in a cost-effective manner, while continuing to protect the safety and soundness of the credit union system and the Share Insurance Fund.
Stakeholders in the credit union community have asked the NCUA Board to be more transparent in its decision making. Transparency and accountability are drivers of my actions as Chairman and the actions taken by the current NCUA Board. In addition to the proposed budget being out for review and comment by the public, the draft NCUA Strategic Plan 2018–2022 was approved by the NCUA Board to be published for public comment on September 28, 20171.
Finally, in addition to the nearly 100-page budget justification and analysis provided for public review, the NCUA’s website contains volumes of information on NCUA’s budget proposal, the budgetary process, the strategic plan and performance plans, and our audit results. It is all available online. I hope credit union stakeholders will study the proposed budget carefully and provide us with thoughtful, but specific suggestions on where we can make improvements.
As required by Congress, pursuant to the Federal Credit Union Act, final decisions always remain with the Board. We take all of your comments under advisement in making our final decision. The NCUA will accept written comments on the proposed 2018–2019 budget until 5 p.m., Eastern on Friday, October 27, 2017.
1The draft NCUA Strategic Plan 2018–2022 is available for public comment through December 4, 2017.