H.R. 5869, co-sponsored by Reps. Mick Mulvaney (R-S.C.) and Denny Heck (D-Wash.), is standalone legislation that would ensure any overhead transfer of agency expenses to the National Credit Union Share Insurance Fund would be legitimate, substantiated “insurance-related” costs.
NCUA has taken steps in this direction by opening up public comments for the overhead transfer rate (OTR) and fee methodology, and allowing the public to offer alternate OTR models.
“We appreciate that your legislation goes several steps further, by requiring that NCUA publish a detailed analysis of how its expenses are assigned between prudential activities and insurance-related activities, and the extent to which those expenses are paid from the fees collected pursuant to Section 105, or from the Fund,” CUNA wrote.
CUNA’s letter also supports the bill’s language that requires NCUA to: