NCUA gives mid-year budget update, 2017 operating fee stable

first_img 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr NCUA expenditures are projected to decline by roughly $2.7 million for 2016, according to a mid-year budget review at Thursday’s board meeting. However, staff recommended that there be no reduction in the 2017 operating fee, due to several open obligations requiring cash on hand.The NCUA’s budget is primarily funded by the overhead transfer rate (OTR), which is funded by all federally insured credit unions; and the operating fee, funded only by federal credit unions. CUNA, in comments submitted to the agency in April, commended the agency for accepting comment on the methodology of these two sources.At the meeting, the NCUA stated it did not need a “true-up” because it does not pay budgeted expenses at the beginning of the year, and only charges actual expenses to the National Credit Union Share Insurance Fund (NCUSIF) as they occur monthly.CUNA has raised a number of concerns over the agency’s ever-increasing budget in recent years, particularly since the health of the credit union system has improved greatly in those years. continue reading »last_img read more