NASHVILLE, Tenn. - The NCUA will accept comments from credit union stakeholders on the proposed 2017–2018 budget at a briefing in October, Chairman Rick Metsger announced Wednesday at NAFCU's annual conference.
“As part of my commitment to implement continual quality improvement across all aspects of [the] NCUA’s operations, the agency will hold a briefing on the draft budget,” Metsger said. “This budget briefing will be more comprehensive than the briefings previously held by the agency. For example, we will release more details on the proposed budget before the briefing, so stakeholders can review and analyze the information before they participate.”
Everyone who participates in the budget briefing will be heard, Metsger said, but the NCUA board still has the responsibility to make a final decision on expenditures to fulfill its mandate under the Federal Credit Union Act to protect the safety and soundness of the credit union system, the NCUSIF and the more than $1 trillion of members’ accounts.
Following Metsger's speech, NAFCU President/CEO thanked Metsger for the move, adding the trade has been advocating for a budget briefing for some time.
“NAFCU and its members greatly appreciate Chairman Metsger’s decision to not only hold this public briefing, but to allow the industry an early look at the agency’s budget plans – a move that provides all stakeholders to provide thoughtful input,” Berger said. “This promises to introduce a level of budget transparency we have not seen in many years.”
The announcement followed the NCUA’s recent decision to conduct a comprehensive review of its examination and supervision process. Metsger created a working group to field stakeholder suggestions and report its recommendations to the board in September.
Metsger stressed that his exam initiative isn't just about extending the exam cycle. He said credit unions have requested examiners spend less time onsite, do a better job coordinating with state supervisor exams and more effectively analyze data offsite.
Those changes would not only improve exams for credit unions, it would improve quality of life for examiners, Metsger said.
CUNA President/CEO Jim Nussle called the budget briefing a big win for credit unions.
"Along with our partners at the state leagues, we’ve been working with the agency to host a forum for stakeholders to weigh in and present their views on the budget. We appreciate Chairman Metsger making this important change for which we have long advocated," he said in a release.
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