NASHVILLE, Tenn. – The chairman of the National Credit Union Administration announced Wednesday that CU stakeholders will have a chance to offer comments on the regulator's proposed 2017–18 budget during a briefing in October.
"As part of my commitment to implement 'continual quality improvement' across all aspects of NCUA's operations, the agency will hold a briefing on the draft budget," NCUA Chairman Rick Metsger said in remarks to the National Association of Federal Credit Unions' annual conference here.
He added that, even without the scheduled briefing this fall, stakeholders can offer comments about the agency's budget at any time.
"This budget briefing will be more comprehensive than the briefings previously held by the agency," he said. "For example, we will release more details on the proposed budget before the briefing, so stakeholders can review and analyze the information before they participate."
"I meet with people year-round, and I know [NCUA] Board Member McWatters does, too," Metsger added. "We are always open to suggestions on how to improve operations. People don't have to wait for a budget briefing if they have concerns or questions."
Dennis Dollar, a credit union consultant who chaired the NCUA board from 2001 to 2004, initiated the public budget briefings during his first year as chairman. The public briefings continued until 2009.
In an e-mail, Dollar commended Metsger on his announcement and lauded McWatters for his support of a more transparent budget process at NCUA.
"The resumption of public budget briefings is a win for more transparent and accountable government," said Dollar. "It is another commendable example of Chairman Metsger's emergence of a well-reasoned and responsive leadership approach in the weeks he has been at the NCUA helm."
Dollar added Metsger and McWatters both "deserve a 'well done' for their obvious willingness to find common ground on this matter that is simply an example of what a reasonable and responsible governmental agency should provide to those who pay its bills and are impacted by its decisions. There will always be a natural tension between the regulator and the regulated. ... But it can be a more healthy tension if it is founded on both sides by trust, transparency and accountability."
Trade Groups React
Both NAFCU and the Credit Union National Association also praised Metsger's announcement.
"NAFCU and its members greatly appreciate Chairman Metsger's decision to not only hold this public briefing, but to allow the industry an early look at the agency's budget plans – a move that provides all stakeholders to provide thoughtful input," said President and CEO Dan Berger. "This promises to introduce a level of budget transparency we have not seen in many years."
Jim Nussle, president and CEO of CUNA, said: "NCUA's new budget briefing is a big win for credit unions. Along with our partners at the state leagues, we've been working with the agency to host a forum for stakeholders to weigh in and present their views on the budget. We appreciate Chairman Metsger making this important change for which we have long advocated."
Metsger also noted that everyone who participates in the budget briefing will be heard, but the NCUA board still has the responsibility to make a final decision on expenditures to fulfill its mandate under the Federal Credit Union Act to protect the safety and soundness of the credit union system.
