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FOR IMMEDIATE RELEASE

NAFCU Statement on Rep. Mulvaney's Introduction of Bill For GAO Study of NCUA

Washington (Feb. 27, 2015) - National Association of Federal Credit Unions (NAFCU) Director of Legislative Affairs Jillian Pevo issued the following statement in response to NAFCU-supported legislation introduced today by Rep. Mick Mulvaney, R-S.C., that would require the Government Accountability Office (GAO) to study almost every aspect of NCUA's budgeting and expenditure practices.

"Rep. Mulvaney and his staff have worked tirelessly to ensure effective congressional oversight of financial regulators," Pevo said. "This bill is an important step toward providing more clarity about how NCUA is spending credit union dollars to fund its operations. We look forward to working with Congress to ensure the study envisioned in this bill comes to fruition."

Pevo said Mulvaney's bill would be a key step toward ensuring real transparency at NCUA.

Titled the "NCUA Budget Transparency Act," Mulvaney's bill would require GAO to undertake an in-depth review of the National Credit Union Share Insurance Fund(NCUSIF), Temporary Corporate Credit Union Stabilization Fund(TCCUSF), Central Liquidity Facility (CLF) and NCUA's annual operating budget. GAO would include in its final report any recommendations it had for improving transparency at the agency.

NAFCU, noting credit unions fund the lion's share of NCUA's operations, has been leading a longstanding effort to get the agency to rein in its budget growth and to be fully transparent on its budget and expenditures.

Lawmakers are taking note of this issue. NCUA Board Member J. Mark McWatters has also emphasized the need for budget transparency, pressing the agency to go beyond what has been provided to date.

The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.

Contact: Patty Briotta | 703-842-2820 | pbriotta@nafcu.org