WASHINGTON—In the wake of the 2-1 vote to approve NCUA’s 2015 budget, CUNA and NAFCU have each issued statements critical of the decision.
"The Credit Union National Association remains very concerned that the National Credit Union Administration Board has increased its budget yet again,” said CUNA CEO Jim Nussle. “Rather than reducing expenditures, the agency has continued to bolster its budget for eight straight years. Based on my own experience in building budgets, I know that monitoring and modernizing resources to maximize funds – which credit unions have been doing – are among the most effective methods for containing costs. NCUA is not following a similar path and that's a concern for me and credit unions. CUNA will continue pressing the agency to be more efficient with credit unions' funds.”'
NAFCU President and CEO Dan Berger, responded, saying NAFCU opposes NCUA's annual budget increase.
"Because every dollar spent by NCUA derives from credit unions and their 98 million members, NAFCU firmly believes that the agency must be more conscious of ways to control its spending and reprioritize current resources efficiently. While NAFCU appreciates NCUA Chairman Matz's commitment to greater transparency, we believe that NCUA can do more to achieve even greater clarity in the budgeting process," said Berger. "The agency has not held a hearing on its budget in over five years and it does not currently publish detailed financial breakdowns for its various funds."
Trade association input was the subject of disagreement during the board meeting between NCUA Chairman Debbie Matz and board member Mark McWatters.
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