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Witnesses in a House Financial Services subcommittee hearing Thursday had praise for the bipartisan, NAFCU-backed H.R. 2287, the "NCUA Budget Transparency Act," sponsored by Reps. Mick Mulvaney, R-S.C., and Krysten Sinema, D-Ariz.

Several witnesses praised the budget transparency bill, which would require NCUA to hold hearings on its yearly budget proposals and seek comments from the public. Rep. Brad Sherman, D-Calif., in particular focused on the benefits of more transparency in his questions.

In advance of the hearing, NAFCU Vice President of Legislative Affairs Brad Thaler wrote Subcommittee on Financial Institutions and Consumer Credit Chairman Randy Neugebauer, R-Texas, and Ranking Member Lacy Clay, D-Mo., in support of more regulatory relief for credit unions.

Thaler also urged lawmakers to support other NAFCU-backed legislation being discussed during the hearing, including:

• "The Financial Product Safety Commission Act," H.R. 1266, which was introduced by Neugebauer and would alter CFPB's structure from having a single director to being led by a bipartisan commission;
• "The Financial Institutions Examinations Fairness and Reform Act," H.R. 1941, which would improve the clarity and consistency of the credit union examination process;
• "The Financial Institution Customer Protection Act," H.R. 766, which would require any federal banking regulator's suggestion to terminate a customer's account in relation to the Justice Department's "Operation Choke Point" to be put in writing;
• "The Portfolio Lending and Mortgage Access Act," H.R. 1210, which would allow residential mortgage loans held in portfolio by credit unions to qualify for CFPB's qualified mortgage safe harbor; and,
• H.R. 2213, from Subcommittee Vice Chairman Stevan Pearce, R-N.M., and Rep. Brad Sherman, D-Calif., which would introduce a reasonable hold-harmless period for the enforcement of CFPB's Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure rule.

On Thursday, NCUA Chairman Debbie Matz wrote Mulvaney and Sinema to express "serious reservations" with H.R. 2287, saying that the measure would weaken the agency's independence and defending the agency's transparency.