NCUA Approves Spending Plan For2006

ALEXANDRIA, Va. - (11/30/05) -- The NCUA Board--with a fullcomplement of three members for the first time in 18months--approved a new budget for 2006 that calls for a 1.9%increase in spending, to $151 million. The budget will pay NCUAemployees average 3.1% raises for next year, the same as mostfederal workers, and trim the staff by three positions to anine-year low of 958. Despite the increase in spending, thecontinued growth in credit unions' assets will enable NCUA to cutthe rates on operating fees charged all federally chartered creditunions by around 2%. The majority of the budget, 57%, will be paidby through the overhead transfer rate, by which funds aretransferred from the National CU Share Insurance Fund to payoperating expenses. All three NCUA Board members voted for the newbudget, including Rodney Hood and Gigi Hyland, who joined NCUAChairman JoAnn Johnson on the panel last week.