Details of the proposed 2022-2023 NCUA Operating Budget.
This week, the NCUA published its draft budget proposal for 2022-2023. The proposed budget of $345.3 million is a 1.2% increase over the 2021 budget – and credit union organizations and even NCUA board members were quick to raise concerns.
Inside the proposed budget was a decrease of $13.1 million to the capital budget (a 30.7% decline from 2021), an $8.5 million travel budget (a 69.7% increase from 2021), a $6.2 million Share Insurance Fund administrative budget (a 21.7% decrease from 2021) and the proposed addition of 48 new full-time agency staff members.
During Thursday's NCUA Board meeting, Board Member Rodney Hood said, "I must say, I don't think we need nearly 50 new staffers at the agency at this time. So this budget is not something I can support in its current form."
Board Chairman Todd Harper responded to Hood that the proposed budget is nowhere near finalized. "I agree with you that this is a process by which we will need to work together and communicate – and you have my full commitment to do that. This initial budget is only a starting point; it is not an ending point certainly at all."
Further objections to the budget proposal were raised by NAFCU's President/CEO Dan Berger. "While NAFCU appreciates the NCUA's obligation to a transparent budgeting process, we are disappointed in the agency's decision to propose certain increases in the draft 2022-2023 budgets. Some of our primary concerns are on the NCUA's substantial travel budget increase and their assumption that travel can and should bounce back to pre-pandemic levels, as well as the significant increase in full-time equivalents."
Berger added, "Bearing in mind all the hardships credit unions and their members have faced in the aftermath of the COVID-19 crisis, we urge the NCUA to reassess its budget proposal immediately to identify cost-savings opportunities and eliminate unnecessary areas of spending."
Comments on the proposed budget are due Dec. 9 and the NCUA will hold a public budget briefing on Dec. 8.
Full details of the 2022-2023 budget proposal can be found on the NCUA's website, as well as a PDF download.
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Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
