WASHINGTON — CUNA is preparing to send a letter to NCUA Monday urging the agency to keep the corporate assessment at zero and to share its concerns over the credit union regulator's increasing budget.
The operating budget for 2014, the Corporate Assessment and the final CUSO rule are key items on NCUA's agenda for this Thursday's board meeting.
Mary Dunn, SVP of regulatory affairs and deputy general counsel, said CUNA is very concerned that the credit union regulator continues to increase its budget year after year, and will focus attention here this week. "Chairman [Debbie] Matz has signaled the agency will increase its budget again."
Last year NCUA raised its annual budget by $14.5 million — with $12.8 million of the increase for staff pay — bringing it to $251 million for 2013.
CUNA will also urge NCUA to place the assessment for the Temporary Corporate Credit Union Stabilization Fund at zero, estimating that worse case the high-end range of the assessment will be 5%.
In terms of the CUSO rule, Dunn said CUNA feels strongly that the Federal Credit Union Act provides a strong foundation for CUNA's contention that NCUA does not have authority to regulate CUSOs.
Dunn said CUNA will be "pouring over" the final CUSO rule to make certain NCUA has paid close attention to the principles of the Federal Credit Union Act in constructing the final regulation.
