The NCUA Friday released its proposed budget for 2021 and 2022, which estimates $315.6 million and $341.7 million, respectively, for its operating budget. The agency is set to hold a budget update during its November board meeting this Thursday.
Of note, the proposed 2021 capital budget is $18.8 million, a 24.8 percent decrease from 2020. The agency indicated that this is due to a surplus of travel funds from this year and a lower estimated travel budget for 2021 due to the ongoing coronavirus pandemic.
“NAFCU appreciates the NCUA’s continued commitment to an open and transparent budgeting process, and we thank NCUA Chairman Rodney Hood for making prudent year-over-year budget reductions, ” said NAFCU President and CEO Dan Berger. “Given the challenges credit unions face as a result of the coronavirus pandemic, it is as important as ever that we ensure the agency’s budget remains strong, yet cost-effective. ”
“We look forward to providing the agency with our thoughtful feedback after we fully review the proposal,” added Berger.
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