Removing Barriers Blog

CUNA Raises Concerns Ahead of NCUA Chairman Matz Testimony before House Financial Services Committee
Posted July 22, 2015 by CUNA Advocacy

Today, we submitted a letter for the record of tomorrow’s hearing in the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit focusing on NCUA’s budget and operations.

The impetus of the hearing is how NCUA has managed its budget since the financial crisis.  This is important for Congress to look at because the agency’s budget has continued to grow at a time when other banking regulators’ budgets are shrinking.  [See: NCUA and FDIC Budgets Since 2002]  Given the overall strength of the credit union system and the fact that credit unions did not cause the financial crisis, it is appropriate and reasonable for Congress to explore whether credit union member resources are being used efficiently at NCUA.

The budget will not be the only topic discussed at the hearing.  As we noted last week, we have encouraged the subcommittee to explore several other topics, including the proposed rule on risk based capital, supplemental capital, the need for annual budget hearings, the low income credit union designation, stress testing for large credit unions, member business lending, examination issues and accounting issue… just to name a few. 

The hearing will be webcast (and archived) on the Financial Services Committee website.  Following the hearing, we will post a summary on the blog. 

For more information regarding the hearing, please contact Ryan Donovan or Sam Whitfield.