WASHINGTON (4/20/15)--The National Credit Union Administration Budget Transparency Act (S. 924) would increase transparency and accountability at the agency, thereby strengthening its mission, CUNA believes.
CUNA President/CEO Jim Nussle wrote a letter of support Friday to Sens. Dean Heller (R-Nev.) and Mark Warner (D-Va.), who introduced the bill last week.
The bill would amend the Federal Credit Union Act to require the NCUA to make a copy of its draft operating budget publicly available, and would also require the agency to provide notice of a public hearing, conduct the hearing and allow the public to submit comments on the budget.
"Credit union member resources are used to fund nearly all of NCUA's budget. 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. "We disagree with those who would suggest that a hearing on the agency's budget would result in 'regulatory capture.'"
Nussle added that, as former chair of the House Budget Committee, he is well aware that Congress regularly holds hearings on the federal budget and other activities to solicit stakeholder input, and that "this type of back and forth is an important part of our democratic process."