ALEXANDRIA, Va. (12/13/13)--The 2014 Temporary Corporate Credit Union Stabilization Fund Oversight Budget will be just over $4.5 million, the National Credit Union Administration said at Thursday's open board meeting.
Technical changes to an agency rule on the corporate credit union rating system were also approved during the meeting, and board members heard a briefing on an interagency supplemental rule on appraisals for higher-priced mortgage loans.
The $4,525,000 budget represents a decrease of 26% from the oversight budget approved for 2013.
Credit unions will not be billed for this budget, and NCUA Chairman Debbie Matz said the budget will not change the agency's projected assessment for 2014. There will be no change in staffing as a result of the budget.
The funds will be used to cover certain corporate system resolution costs, including external valuation experts, tax consultants, attorneys, financial specialists and accountants.
In other budget news, Credit Union National Association Deputy General Counsel Mary Dunn noted that the average annualized travel spent per full time employee was $21,473 in 2013. While this was not an enumerated agenda item, the agency provides this and other financial highlights pertaining to its operating fund at each board meeting, she noted.
The technical amendments, which were swiftly approved on Thursday, make amendments to NCUA's regulations to reflect a recent policy change: In September 2013, the NCUA board adopted a policy change that converted the rating system for corporate credit unions from Corporate Risk Information System (CRIS) to CAMEL. The agency will evaluate corporate credit unions under the CAMEL system starting on Jan. 1.
The supplemental final rule on appraisals for higher-priced mortgage loans finalizes, with revisions, certain exemptions proposed in July 2013. Specifically, the proposal exempts from higher-priced mortgage loan appraisal requirements transactions secured by existing manufactured homes and not land; certain streamlined refinancings; and transactions of $25,000 or less.
CUNA generally supported the proposal.
For the full interagency proposal and more on the NCUA board meeting, use the resource link.