(Nov. 20, 2020) In other action at its Thursday meeting, the NCUA Board:
- Reallocated $4.3 million in its budget for COVID-related “costs and opportunities.” The agency said the reallocation – from unspent 2020 travel budgets for the agency – were needed due to increased expenses from information technology costs that support offsite examinations and remote work by agency staff. The agency also said the reallocation would be used to pay for a “pull forward from the 2021 budget” of a previously planned renovation of NCUA headquarters while much of the workforce is offsite.
- Heard a report on credit unions’ use of the voluntary diversity self-assessment. Staff noted that the credit union response rate in submitting the self assessment has risen each year since it was unveiled in 2016, when 35 responded. In 2019, 118 FICUs responded (2.3% of all credit unions). The agency said it continues to urge more credit unions to commit to filling out self-assessment, pointing out that it has nothing to do with the credit union examination process.
NCUA 2020 Budget Update