July 18, 2016
NASCUS PRESIDENT AND CEO LUCY ITO
ON HR 5869, LEGISLATION REQUIRING TRANSARENCY FOR THE OVERHEAD TRANSFER RATE
INTRODUCED JULY 14 BY REPS. MICK MULVANEY (R-S.C.), DENNY HECK (D-Wash.)
‘Gives credit union system opportunity to evaluate and respond to allocation of expenses’
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Transparency in the calculation of the overhead transfer rate is much needed, and this legislation would go a long way to bringing that about. At NASCUS, our goal for years has been to give the credit union system the opportunity to evaluate and respond to NCUA’s allocation of expenses – and this measure, once enacted, will be significant in helping us reach that goal. Our thanks to Rep. Mulvaney for drafting and introducing the bill, and to Rep. Heck for his original co-sponsorship. We look forward to working with them as the legislative process moves forward.
Patrick Keefe, Vice President, Communications, email@example.com or (703) 528-5974