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HR 2287 to Increase NCUA Transparency and Accountability
Friday, May 15, 2015 6:15 AM

The National Credit Union Administration Budget Transparency Act (HR 2287) would increase transparency and accountability at the agency, thereby supporting its mission, Credit Union National Association told the bill's sponsors.

In a letter to Reps. Mick Mulvaney (R-SC) and Kyrsten Sinema (D-AZ), CUNA President/CEO Jim Nussle thanked the legislators and expressed CUNA's strong support for the bill.

HR 2287 would direct the NCUA to establish a process by which the public may examine and comment on the agency's proposed annual budget prior to adoption.

"This legislation would ensure that members of the NCUA Board, who must vote to adopt the annual budget, have adequate opportunity to review specific expenditures and overall methodology in order to make an informed decision as to whether the budget as proposed accurately reflects the needs of the agency," wrote CUNA President/CEO Jim Nussle. "This process would increase transparency and accountability at the agency, and engender public trust, thereby strengthening and supporting the agency's mission."

HR 2287 has an identical Senate counterpart bill introduced in April by Sens. Dean Heller (R-NV) and Mark Warner (D-VA). Requiring the NCUA to hold hearings on its budget is also part of the regulatory relief bill introduced Tuesday by Sen. Richard Shelby (R-AL), chair of the Senate Banking Committee.