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June 28, 2016
GAO to investigate reg capture at NCUA
The Government Accountability Office will investigate potential "regulatory capture" at NCUA and two other agencies, according to The Wall Street Journal.
The investigations at NCUA, the FDIC and the Office of the Comptroller of the Currency are new additions to the GAO's review of regulatory capture, which had previously focused on the New York Federal Reserve Bank and the Federal Reserve system.
An NCUA spokesman told WSJ, "We look forward to working with GAO in its review."
The GAO told WSJ that it would look into other agencies in March. The initial investigation into the Fed was prompted by House Financial Services Committee Ranking Member Maxine Waters, D-Calif., and Rep. Al Green, D-Texas, due to concerns that the Fed was overly influenced by the institutions it supervises.
The investigations at NCUA, the FDIC and the Office of the Comptroller of the Currency are new additions to the GAO's review of regulatory capture, which had previously focused on the New York Federal Reserve Bank and the Federal Reserve system.
An NCUA spokesman told WSJ, "We look forward to working with GAO in its review."
The GAO told WSJ that it would look into other agencies in March. The initial investigation into the Fed was prompted by House Financial Services Committee Ranking Member Maxine Waters, D-Calif., and Rep. Al Green, D-Texas, due to concerns that the Fed was overly influenced by the institutions it supervises.
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