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FOR IMMEDIATE RELEASE

NAFCU Applauds Reps. Mulvaney and Sinema Introduction of H.R. 2287, the "National Credit Union Administration Budget Transparency Act"

Washington (May 14, 2015) - National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger applauded Reps. Mick Mulvaney, R-S.C., andKyrsten Sinema, D-Ariz., introduction of H.R. 2287, the "National Credit Union Administration Budget Transparency Act."

"We appreciate the leadership shown by Representatives Mulvaney and Sinema in putting forth legislation to help achieve NCUA budget transparency," said Berger. "We believe requiring NCUA to hold public budget hearings is a simple, common-sense practice that will help give credit unions a voice in the agency's setting of the yearly operating budget, which is funded directly by credit unions and their members."

The NAFCU-supported bill introduced Tuesday by Reps. Mulvaney and Sinema mirrors a recent Senate bill by calling for public hearings on NCUA's annual budget and requiring publication of the agency's draft budget in the Federal Register.

H.R. 2287, the "National Credit Union Administration Budget Transparency Act," would require NCUA to provide notice of a public hearing on its budget and invite comments on it.

The House bill is identical to legislation introduced last month by Sens. Dean Heller, R-Nev., and Mark Warner, D-Va. NCUA budget hearings are also called for in the draft regulatory improvement bill released Tuesday by Senate Banking Chairman Richard Shelby, R-Ala.

In late February, Mulvaney also introduced NAFCU-supported legislation (H.R. 1176) to require the Government Accountability Office to study nearly every aspect of NCUA's budgeting and expenditure practices.

Because NCUA's budget is funded exclusively by the credit unions it regulates, NAFCU has long supported greater transparency from the agency on its budget and expenditures and urged greater fiscal restraint.

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