Credit union operating fees may be reduced due to NCUA surplus

Federal credit union operating fees may be reduced next year as a result of the Nation Credit Union Administration running a budget surplus of about $18 million, NCUA CFO Eugene Schied told the agency board Thursday at its monthly meeting. 

Schied said that pandemic remote work rules have resulted in a surplus of about $9 million in travel expenses, adding that the agency’s pay and benefits budget also is running a surplus due to higher-than-forecast vacancies at the organization. 

Board members said they were pleased with the news. 

“Fiscal restraint on our part should translate into savings for credit union members, in the form of higher interest on share deposits, lower interest on their mortgages and other loans, and lower fees, among other benefits,” stated board Chairman Todd Harper. He added the NCUA will continue to place a high priority on “cybersecurity, consumer financial protection, equitable financial innovation, and support for small credit unions and minority depository institutions.”

 

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