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NCUA Board Approves $1.3M Budget Reduction

Operating fund decreases by $2.9M while the capital budget increases by $1.6M to fund cybersecurity improvements.

By Heather Anderson | Updated on July 23, 2015

ALEXANDRIA, Va. — The NCUA board approved a net decrease of $1.3 million to the 2015 operating budget during its monthly board meeting. The net reduction was a result of a reduction of the operating fund budget by $2.9 million for a revised total budget of $276,532,779; however,the capital budget was increased by $1.6 million for a revised budget of $10,482,500.

According to the Board Action Memorandum, the majority of capital budget increases were the result of increased cybersecurity capabitilities. An investment of $1.3 million will “leverage commercially available data center facility services” to put the NCUA on par with government security standards. An additional $150,000 will pay for safety upgrades to the NCUA’s headquarters office and  another $160,000 will upgrade equipment used by remote employees.

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The NCUA will also spend nearly $750,000 on cybersecurity assessments that check internal controls of sensitive data and systems.

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