Newsroom

Sens. Dean Heller, R-Nev., and Mark Warner, D-Va., on Tuesday introduced bipartisan legislation sought by NAFCU to require public hearings on NCUA's annual budget and ensure NCUA makes a detailed business-type draft budget publicly available through the Federal Register.

Titled the "National Credit Union Administration Budget Transparency Act," the new bill would require NCUA to provide notice of a public hearing on its budget and invite comments.

"NAFCU thanks Senators Heller and Warner for their bipartisan leadership in seeking to create a more open and transparent NCUA," said Berger. "Requiring NCUA to hold public budget hearings is a simple, common-sense practice that will help give credit unions the voice they deserve in the process. NAFCU will continue to support efforts to enhance budget transparency at the agency."

At NCUA, Board Member J. Mark McWatters has emphasized the need for budget transparency, pressing the agency to go beyond what it has been providing to date.

Complementary legislation, H.R. 1176, the "NCUA Budget Transparency Act," was introduced in late February by Rep. Mick Mulvaney, R-S.C. That bill, also supported by NAFCU, would require the Government Accountability Office to study almost every aspect of NCUA's budgeting and expenditure practices.