(Dec. 17, 2021) NASCUS’ Ito acknowledged the agency’s efforts. “We commend the board for its thoughtful and unprecedented consideration of stakeholder feedback in finalizing the agency’s 2022 budget. On behalf of state credit union regulators and credit unions, NASCUS appreciates the downward adjustment of the 2022 proposed overhead transfer rate from 63.4% to 62.7%,” she said.
However, she asserted that the state system remains concerned about the underlying structural issues that dictate the calculation of the OTR and the federal credit union operating fee (see item below).
Finally, Ito said the state system also values the NCUA Board and staff commitment to providing more detailed explanations of new staff positions as well as clarifications in the budget justification related to state examiner equipment expenses and the payment of supervisory fees by state credit unions to their respective state regulators. “NASCUS and the state system look forward to continued open dialogue with our NCUA partners on how, together, we can assure both the safety and soundness of credit unions and the ongoing vitality of the dual charter credit union framework,” she said.