Removing Barriers Blog

NCUA Will Open Budget Process to Public
Posted June 15, 2016 by CUNA Advocacy

The efforts of CUNA's Advocacy efforts bore fruit again today, as NCUA Chairman Rick Metsger announced that the agency will hold a public briefing on its budget in October of this year.  We've pushed NCUA for a more public budget process for many years.   

In a written statement, the Chairman stated “as part of my commitment to implement Continual Quality Improvement across all aspects of NCUA’s operations, the agency will hold a briefing on the draft budget.  This budget briefing will be more comprehensive than the briefings previously held by the agency. For example, we will release more details on the proposed budget before the briefing, so stakeholders can review and analyze the information before they participate.” 

Also adding pressure for this change was the recently introduced Financial CHOICE Act, unveiled by House Financial Services Committee Chairman Jeb Hensarling. This Dodd-Frank reform package includes H.R. 2287, the National Credit Union Administration Budget Transparency Act, which requires NCUA to hold open hearing on its budget.  

We have long been pushing Congress and the agency to make the budget process open and transparent.  Now, it looks like these efforts are paying dividends as NCUA will now listen to credit union stakeholder comments in an open forum.