NCUA Board Approves $1.3M Budget Reduction

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.

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