The NCUA board will vote on its 2019-2020 budget Nov. 15—a proposal that has been criticized by some credit union officials as too large.
The budget proposal totals $334.8 million budget for 2019, a 4.3% increase above the board-approved budget for this year.
NAFCU officials, in particular, have criticized the budget, saying that it is increasing, even though the number of credit unions is decreasing.
Board chairman J. Mark McWatters has said that while the number of credit unions has dropped, the remaining ones are larger and more complex.
The plan calls for a $6.3 million increase of the agency’s operating budget, which amounted to $298.1 million this year. The operating budget estimate for 2020 is $316.2 million.
The agency’s personnel level would drop by 10 positions as a result of the agency’s reorganization plan. The reorganization plan resulted in the elimination of 15 positions, but the agency is proposing five new positions.
At its meeting, the board also will receive a quarterly briefing on the Share Insurance Fund and will consider a proposed rule dealing with fidelity bonds.