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NCUA Chairman Debbie Matz and other members of the Financial Stability Oversight Council are set to testify before the House Financial Services Committee Dec. 8. The hearing will focus on FSOC's agenda, operations and structure.

The FSOC, created by the Dodd-Frank Act, has 10 voting members, nine of whom represent federal financial industry and securities market regulators. It also has five members who serve in an advisory capacity. It is headed by Treasury Secretary Jack Lew.

"NAFCU and our members appreciate the committee holding this critical hearing. The opportunity to shed greater light on regulatory matters that impact credit unions is extremely welcome," said NAFCU President and CEO Dan Berger. "We look forward to Chairman Matz's testimony and that of other members of FSOC. As credit unions continue to struggle under an overwhelming regulatory load, greater transparency and accountability from the council is greatly appreciated."

During an FSOC meeting in November, Matz reiterated NCUA's wish for third-party examination authority and thanked the council for including that recommendation in a report to Congress last spring. NAFCU continues to oppose such authority for NCUA, noting it would impose significant costs on credit unions without providing significant benefit or relief.