About The 2015 NCUA Budget...

No Cuts!

Well, in the federal regulatory, "Catch-22" world in which we all now exist, it is time for credit unions to study and comment upon the 2015 NCUA Budget, after that self-same budget has already been approved by the NCUA Board. That process, that logic, that obtuseness seems to make great sense on Duke Street, Alexandria.  In other parts of the Country, it's called arrogance ("Let them eat cake!" - Marie Antionette).

No comments!

But, since we are all just getting a first look at the budget and the underlying numbers, believe it would be fair to look first to what the NCUA Chair says about the budget and the processes by which it was developed.  You can find Ms. Matz' narrative on the 2015 NCUA Budget at www.ncua.gov under "About NCUA", 2015 Budget Documents. Read it and weep.

No clue!

Would suggest that of the many "unusual" comments and "twisted" explanations which are put forth as justification of the 2015 NCUA budget, the following logical disconnect between Duke Street Fantasyland and the real world says it all:

"Cutting the budget, however, is not an option.  Like all businesses, this Agency faces non-discretionary costs that tend to increase each year, such as:

                         *  Health care;
                         *  Travel and hotels;
                         *  Telecommunications;
                         *  Leased and owned property;
                         *  Hardware and software; and
                         *  Maintenance and repairs.

So the only way to materially cut the budget would be to substantially cut staff."

- Chair Debbie Matz 

On the 2015 NCUA budget

November 20, 2015

Yep, that certainly sums up pretty well all the very difficult choices that many credit unions - "like all businesses" - have had to make over the last five years.  Most of us didn't realize that looking at cuts in healthcare, travel, telecom, maintenance, and staff were "non-discretionary". Not sure how credit unions go about correcting this sort of statement of financial, fiscal insanity, but perhaps there is hope in that there was one dissenting budget vote on the Board.

But for now, we must all evidently accept the embarrassment of a federal financial Agency budget in which the Agency tries to have its...

... and eat us too!!

[... any way you slice it, you just can't cut it !!!]