PRESS RELEASE

June 25, 2015

CONTACT: Patrick Keefe, NASCUS Communications/703-528-5974, pkeefe@nascus.org

NASCUS voices ‘strong support’ for senators’ NCUA budget transparency act

“Strong support” for a Senate version of the NCUA Budget Transparency Act (S.924) – which would also include “notice and comment” of the annual “overhead transfer rate” (OTR) --  is expressed in a letter today from NASCUS to senators who introduced the legislation, Sens. Dean Heller (R-Nev.) and Mark Warner (D-Va.). Both are members of the Senate Banking Committee.

“A formal notice and comment requirement for NCUA’s budget, including the overhead transfer rate (OTR), is not only sound public policy; it also helps ensure an equitable playing field for state and federally chartered credit unions,” wrote NASCUS President and CEO Lucy Ito.

Ito also noted that one of the reasons that the U.S. financial system is the most innovative in the world is that, at its core, it is a dual chartering system that fosters cooperative competition between state and federal chartering authorities.  “How NCUA allocates its operating costs has the potential to artificially imbalance the dual chartering system with respect to the credit union sector.  A formal notice and comment process provides stakeholders a meaningful opportunity to evaluate and formally respond to NCUA’s allocation of expenses across the industry,” she stated.

LINK:

NASCUS letter to Sens. Heller and Warner on S.924

 

Information Contact:
Patrick Keefe, Director of Communications, pkeefe@nascus.org or (703) 528-5974

The National Association of State Credit Union Supervisors (NASCUS) is the primary resource and voice of the state governmental agencies that charter, regulate and examine the nation’s state-chartered credit unions. NASCUS membership is made up of state-chartered credit unions, state regulators and other supporters of the state credit union system. NASCUS is the only organization dedicated to the defense and promotion of the state credit union charter and the autonomy of state credit union regulatory agencies.