WASHINGTON (5/14/15)--The National Credit Union Administration Budget Transparency Act (H.R. 2287) would increase transparency and accountability at the agency, thereby supporting its mission, CUNA told the bill’s sponsors Wednesday.
In a letter sent to Reps. Mick Mulvaney (R-S.C.) and Kyrsten Sinema (D-Ariz.), CUNA President/CEO Jim Nussle thanked the legislators and expressed CUNA’s strong support for the bill.
“It is not too much to ask for the members of the NCUA Board to conduct a hearing and listen to stakeholder feedback from those responsible for funding the activities of the agency,” Nussle wrote, adding that his experience chairing the House Budget Committee made him aware of the importance of soliciting feedback during the budgetary process.
H.R. 2287 would direct the NCUA to establish a process by which the public may examine and comment on the agency’s proposed annual budget prior to adoption.
“Additionally, this legislation would ensure that members of the NCUA Board, who must vote to adopt the annual budget, have adequate opportunity to review specific expenditures and overall methodology in order to make an informed decision as to whether the budget as proposed accurately reflects the needs of the agency,” Nussle wrote. “This process would increase transparency and accountability at the agency, and engender public trust, thereby strengthening and supporting the agency’s mission.”
H.R. 2287 has an identical Senate counterpart bill introduced in April by Sens. Dean Heller (R-Nev.) and Mark Warner (D-Va.). Requiring the NCUA to hold hearings on its budget is also part of the regulatory relief bill introduced Tuesday by Sen. Richard Shelby (R-Ala.), chair of the Senate Banking Committee.