Fred Becker, president/ CEO of NAFCU has sent a letter to the NCUA Board questioning the need to increase the agency's budget next year.
"I am writing in regard to our continued concerns over the agency's budget. While we appreciate that the NCUA's 2012 budget for guaranteed note securities management and oversight is lower than preliminary budget estimates, we still have significant concerns regarding NCUA's overall increases in its operating budget for 2012 following the significant increase in 2011," Becker said in a letter sent Monday to all three NCUA Board members.
Becker pointedly noted that the FDIC recently announced a 15.4% reduction in its 2012 budget.
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