This week, the National Credit Union Administration (NCUA) board held its November board meeting. Here’s a recap:
Board Briefing: Share Insurance Fund (SIF) Quarterly Report
The board received a briefing on the performance of the National Credit Union Share Insurance Fund (NCUSIF) for the quarter ending on September 30, 2023. The Share Insurance Fund reported a net income of $59.0 million, $20.9 billion in assets, and $113.4 million in total income for the third quarter of 2023.
Additionally, for the third quarter of 2023:
Final Rule: Part 721, Charitable Donation Accounts
The board adopted a final rule that would amend §721.3 of the NCUA’s regulations, the charitable donation accounts section of the NCUA’s incidental powers rule.
Specifically, the final rule adds a post or organization of past or present members of the Armed Forces of the United States, or an auxiliary unit or society of, or a trust or foundation for, any such post or organization recognized as exempt from taxation under section 501(c)(19) of the Internal Revenue Code to the definition of a “qualified charity” that a federal credit union may contribute to using a charitable donation account.
The final rule is effective 30 days after publication in the Federal Register.
Draft 2024-2025 Budget
Shortly after the board meeting, the board heard from the public concerning the NCUA’s proposed 2024-2025 budget.
The NCUA published its 2024-2025 draft budget on Oct. 26 and the combined proposed budget totaled $394.5 million, which is a 9.5 percent hike from the 2023 budget. According to the NCUA, the proposed budget breaks down as follows:
Three main factors appeared to contribute to the agency’s proposed increases in 2024:
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Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!
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