As an independent federal agency NCUA is funded by credit unions and not through the federal budget process. Its spending is not authorized by Congress or the President, but solely by the NCUA Board.
ALEXANDRIA, Va. – As it was with federal curbs on spending and employee pay raises, NCUA said it is insulated from an expected shutdown of the federal government at midnight because it is an independent federal agency.
So credit unions should expect examiners to arrive for scheduled examinations and NCUA personnel will be available throughout the duration of any federal work-stoppage, NCUA Chairman Debbie Matz said yesterday. “As a self-funded agency, NCUA will remain open and operate business as usual in the event of a government shutdown,” said Matz.
But NCUA cautioned all credit unions serving federal employees to be ready for the shutdown, either by preparing special assistance for members working for the government or acknowledging that some federal agencies serving credit unions, like the Federal Housing Administration or the Department of Housing and Urban Development, may not be open for business. Credit unions will therefore need to decide whether to proceed with scheduled FHA loan closings and whether to hold and guarantee new FHA loans until any impasse on federal spending ends.
As an independent federal agency NCUA is funded by credit unions and not through the federal budget process. Its spending is not authorized by Congress or the President, but solely by the NCUA Board.
