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The majority of witnesses and several lawmakers in a House subcommittee hearing Wednesday on regulatory relief agreed that adding more transparency to NCUA's budgeting process, which NAFCU is strongly advocating, is a good idea.

The hearing, by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, addressed a number of bills offering relief to "Main Street job creators," including three that are specifically backed by NAFCU: H.R. 2287, the "National Credit Union Administration Budget Transparency Act"; H.R. 2473, the "Preserving Capital Access and Mortgage Liquidity Act of 2015"; and H.R. 2896, the "Taking Account of Institutions with Low Operation Risk (TAILOR) Act."

Questioned by Rep. Mick Mulvaney, R-S.C., author of the budget transparency bill, witness Oliver Ireland, partner with Morrison & Foerster LLP, said transparency doesn't mean a loss of budget control; rather, it goes to accountability.

Mulvaney's bill, H.R. 2287, would require NCUA to publish a draft of its budget in the Federal Register and hold a public hearing to garner comments from the public. Mulvaney noted NCUA Board Chairman Debbie Matz is holding an open forum on Oct. 30, but said the agency's budget will not be posted ahead of time.

Rep. Frank Guinta, R-N.H., agreed that NCUA can do its job and show the public how it is spending their money. Guinta shared that it was St. Mary's Bank credit union that gave him his mortgage and that he trusts the loan officer there because she lives in the community and knows him. He said that goes to the nature of credit unions. Members trust their credit unions, not some bureaucrat, to watch out for their interests, he said.

NAFCU has long urged NCUA for greater transparency in its budgetary process and is pushing hard for passage of H.R. 2287. NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt urged the subcommittee on Tuesday to support this and other measures. The letter was entered into the hearing's record.