NCUA sets Wednesday briefing on proposed 2023-2024 budget; agency board meets Thursday

A public briefing on the federal regulator’s proposed 2023-2024 budget, which shows plans for increases of 8.1% and 10% over the next two years, is slated for 10 a.m. next Wednesday at agency headquarters in Alexandria, Va.

The National Credit Union Administration’s (NCUA) budget proposal, published on the agency’s website Sept. 29, shows plans for total budget hikes of $27.5 million in 2023 and $36.8 million in 2024. Net staffing increases of 25 positions and 22 positions for the respective next two years are proposed.

The budget components include, for 2023, an operating budget of $350.8 million (up 9.6% from 2022), capital budget of $11.2 million (down 14.1%), and National Credit Union Share Insurance Fund (NCUSIF) administrative budget of $4.5 million (down 21.5%). In 2024, the agency proposes an operating budget of $388.2 million (up 10.7%), capital budget of $11.2 million (up less than 0.1%), and NCUSIF administrative budget of $4.3 million (down 12.3%).

The NCUA budget is funded by fees paid by federal credit unions (operating fees) and the NCUSIF overhead transfer rate (OTR). In 2023, the NCUA’s documents show, federal credit unions will fund 37.6% of the budget, while the OTR will cover the other 62.4%.

The Oct. 19 budget briefing is expected to include presentations by industry trade group representatives; the budget proposal is also out for comment until Oct. 28.

The NCUA Board is also set to meet in open session Thursday. Slated also for 10 a.m., the meeting agenda includes no regulatory action. Instead, the board will hear two briefings on cybersecurity and the Central Liquidity Facility (CLF) and will discuss the agency’s “risk appetite statement.”

NCUA Posts 2023–2024 Proposed Budget, Sets October 19 Public Briefing

NCUA Board’s October 20 open meeting agenda