NASCUS President and CEO Lucy Ito’s Statement on the Updated 2022 NCUA Budget

December 16, 2021

NASCUS President and CEO Lucy Ito’s Statement on the Updated 2022 NCUA Budget

ARLINGTON, Va. — Today, the National Association of Credit Union Supervisors (NASCUS) President and CEO Lucy Ito provided a statement regarding the National Credit Union Administration’s (NCUA) 2022 Budget Update.

“NASCUS commends the NCUA Board for its thoughtful and unprecedented consideration of stakeholder feedback in finalizing the agency’s 2022 budget. NASCUS appreciates the downward adjustment of the 2022 proposed overhead transfer rate (OTR) from 63.4% to 62.7% on behalf of state credit union regulators and credit unions.

We also appreciate the Board and the hardworking staff at the NCUA for their commitment to providing more detailed explanations of new staff positions, clarifications concerning budget justification related to state examiner equipment expenses, as well as the payment of state credit unions’ supervisory fees to their respective state regulators.

While NASCUS and the State System remain concerned about the underlying structural issues that dictate the calculation of the OTR and the federal credit union operating fee, we look forward to a continued and 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.” stated Ms. Ito.

Last week, Ms. Ito testified on the tracked changes to OTR and provided feedback from a state system perspective during the NCUA’s December Board Budget Briefing. A copy of that testimony can be found here: NASCUS Press Room.

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