NCUA Posts 2023–2024 Proposed Budget, Sets October 19 Public Briefing
The National Credit Union Administration’s staff draft budget for 2023–2024 is now available on the agency’s website for review and comment. The staff draft budget has also been submitted for publication in the Federal Register, and the comment period is open until Oct. 28, 2022.
The proposed combined 2023 staff draft budget is $367.0 million, or 8.1 percent higher than the 2022 budget. The proposed operating budget is $350.8 million, which is 9.6 percent higher than in 2022. The proposed 2023 capital budget is $11.2 million, or 14.1 percent lower than in 2022. The proposed Share Insurance Fund administrative budget is $4.9 million, or 21.5 percent lower than in 2022. The proposed budget summary and detailed budget justifications can be found on the Budget and Supplementary Materials page on NCUA.gov.
"In the coming weeks, your League will be taking a deeper dive into the budget and we will be commenting on areas of concern for member credit unions," said League President/CEO Carrie Hunt. "It's been less than a decade since the enactment of the law that created a more open and transparent NCUA budget process, an effort our own Sen. Warner helped spearhead following intense League advocacy efforts. As the key stakeholders, it's vitally important that credit unions, Leagues and our system partners use this opportunity to comment on the budget. While we are ever-mindful of NCUA's mission, we also need an agency that is truly supporting the whole of our industry, an agency that encourages innovation within credit unions, and an agency, which itself, is innovative and nimble."
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