ALEXANDRIA, Va. – NCUA Board Member Rick Metsger told Credit Union Times that the 2014 NCUA budget is “fiscally wise,” adding that credit unions are paying less in the end. Metsger also said the final CUSO rule is “cost effective.”
“I think in anything, everybody wants to, everybody raises their budget because they think they need to and they think no one else needs to raise theirs so I'm kind of used to that from over the years. This is an extremely fiscally wise budget, meeting our obligations,” Metsger said in a video interview after the board meeting on Thursday at the NCUA headquarters.
“The credit unions are paying less if you noticed at the end result. The operating fee is being reduced by 18.4 percent from the previous year in terms of their capital outlay so and that's the highest in over 10 years and I'm sure the trade organizations like anyone else would always like to be able to do something for nothing but I'm sure in their own situations they find that they have expenses to meet as well,” he added.
Both CUNA and NAFCU called for NCUA to keep the budget level the same as 2013 or less. The 2014 budget went up $6.7 percent from the previous year to $268 million.
Credit Union Times also asked Metsger if he is satisfied with the cost of the final CUSO rule after raising concerns in the past.
“When you look at the 100s of millions of dollars that have been lost to the share insurance fund because of losses of CUSOs vs. the $1.4 million to hopefully get information to help mitigate that, that's an extremely effective cost effective ratio,” Metsger responded.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
