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NCUA approves 2011 annual performance budget
ALEXANDRIA, Va. (1/14/11)--Reducing losses to the National Credit Union Share Insurance Fund (NCUSIF) and improving the capital levels of corporate credit unions are among the National Credit Union Administration’s (NCUA) high priority goals for 2011, the agency said on Thursday. The NCUA on Thursday released its 2011 Annual Performance Budget, a document that addresses the NCUA’s objectives for the upcoming year. While the agency uses the budget to determine whether or not it has met its performance goals, it does not track the financial status of these objectives in the document. Annual performance budgets are released on a yearly basis and the goals set in the budgets are tracked on a quarterly basis. The NCUA may also be required to occasionally report to the Office of Management and Budget, NCUA staff added. Other goals outlined in the budget include fully staffing the NCUA’s Office of the Chief Economist and Office of Consumer Protection, helping low-income and other credit unions to access services, developing a transparent and effective regulatory environment with easily understood regulations, and increasing its own examination staff. The NCUA in its budget also said that it would establish its Office of Minority and Women Inclusion during 2011. The agency last year said that this office would be operational by Jan. 21. Responding to the release of the budget, the Credit Union National Association said that it would do all that it can to hold the NCUA to the performance goals regarding improving the regulatory environment and will continue to raise serious concerns about recently approved staff increases. The NCUA late last year voted to increase its 2011 budget by $25 million, and said that $750,000 of that increase would be dedicated to bolster examination and supervisory programs.
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