ALEXANDRIA, Va. — In what was arguably the most important meeting of the year, the NCUA board approved a 6.7% in the 2014 operating budget, no projected corporate assessment for 2014 and a final CUSO rule. All items on the agenda received yes votes of approval from all three board members.
The NCUA's $268 million operating budget includes a 6% increase in the cost of employee pay and benefits.
Of the 6% pay and benefits cost increase, employees will receive an average merit increase of 4%. Another 1.9% will be associated with promotions, staff realignments, and hiring and retention costs.
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