The Wall Street Journal is reporting that a bipartisan bill (S. 2155) would force the National Credit Union Administration (NCUA) to hold open hearings on the agency's budget.
Currently, the NCUA Board holds voluntary public meetings on its budget.
However, the bill introduced by Sen. Heller (R - NV) would formalize this process.
The bill passed the Senate Banking Committee on December 5 and awaits action by the full Senate.
If the bill becomes law, the NCUA will be the only financial regulator required to hold a public hearing where the industry could weigh-in on spending decisions by the agency.
But former NCUA Chairman Debbie Matz warned that the bill would represent "an attack on the core of independent oversight."
Read the Wall Street Journal story (subscription required).
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NCUA needs to be held accountable by Congress.
ReplyDeleteAll in, the only influence credit unions can have on NCUA budgeting is to whine.
ReplyDeleteTreasury and congress should be all over NCUA. Just look at the corporate credit unions debacle and taxi loans.
It has been said before the NCUA is a "rogue" agency. Accountable to no one. Responsible to no one. Look at the billion$ in corporate credit union losses. Look at the billion$ in taxi loan losses. See a trend? And what do they do with these pseudo-NCUA examiners? Promote them to a higher pay grade. It is a lawless agency. Matz is now a sitting bought and paid for Bank director.
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