The federal credit union regulatory agency is set to hold its public briefing Thursday on its proposed 2024-2025 budget – but not until it holds a regularly scheduled board meeting to act on a final charitable donations rule and receive a report on credit unions’ federal deposit insurance fund.
The National Credit Union Administration (NCUA) Board is set to hold its open meeting at 10 a.m. Thursday in the agency’s board room at its Alexandria, Va., headquarters. The budget briefing is set for 2 p.m. in the “event center” on the lobby level.
The open board meeting has a brief agenda: first, a briefing on the National Credit Union Share Insurance Fund (NCUSIF), then action on a final rule on charitable donation accounts.
If adopted as proposed, the revised charitable donations rule will specifically include veterans’ organizations – as defined under section 501(c)(19) of the Internal Revenue Code – within the NCUA’s definition of a “qualified charity” to which a federal credit union may contribute using a charitable donation account (CDA).
The 2 p.m. budget briefing will focus on the agency’s draft “budget justification,” which points to an overall 9.5% increase in the NCUA budget in 2024 and another 9.9% increase in 2025.
The NCUA will be funding its three budgets overall: operating, capital, and National Credit Union Share Insurance Fund administration. The three combined represent a budget total of approximately $394.51 million, up from the 2023 budget total of $360.4 million. In 2025, the agency expects to raise its total budget to $433.6 million.
The budget justification was released last month and published in the Nov. 1 Federal Register. The NCUA will continue to take public comments on the proposed budget until Nov. 21.