PRESS RELEASE

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.

Information Contact:
Patrick Keefe, Vice President, 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.