NASCUS PRESIDENT AND CEO LUCY ITO ON NCUA’S 2020 – 2021 BUDGET PROPOSAL

FOR IMMEDIATE RELEASE

October 29, 2019

CONTACT: Shelton Roulhac, NASCUS Communications; [email protected]

NASCUS PRESIDENT AND CEO LUCY ITO ON NCUA’S 2020 – 2021 BUDGET PROPOSAL

 NASCUS looks forward to engaging with NCUA on the budget proposal; appreciates NCUA continuing to hold budget briefings.

ARLINGTON, Va. – For NCUA’s  2020 – 2021 budget, the combined Agency Operating Budget, Capital Budget, and Share Insurance Fund Administrative Budget is $347.7 million for 2020, which is 1.1 percent more than the 2020 funding level approved by the NCUA Board in November 2018, and 3.9 percent more than the comparable 2019 Board approved budget.

The proposed 2020 Agency Operating Budget is $316.2 million and reflects an increase of $11.8 million, or 3.9 percent, over the 2019 Board-approved budget of $304.4 million. The estimated Overhead Transfer Rate for 2020 is 61.3 percent, higher than 2019’s 60.5 percent.

The agency will hold a public budget briefing on November 20 and the public comment period is open until December 2.

NASCUS President and CEO Lucy Ito issued the following statement in response to today’s budget release:

“We appreciate the newly constituted NCUA Board under Chairman Hood continuing to hold a public budget briefing. We are concerned that the overhead transfer rate is estimated to rise for the first time in three years and look forward to engaging with NCUA to ensure the higher rate will not place an unjustifiable burden on state-chartered credit unions.”

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Information Contact:
Shelton Roulhac, Vice President, Communications, [email protected]  or (703) 528-5974

About NASCUS

NASCUS is the national association that advocates for a strong and healthy state credit union system, and whose members include state regulatory agencies, credit unions, credit union leagues, and organizations that support the state credit union system.