2 more House members sign on to budget transparency bill
JULY 13, 2015 -- Two more U.S. House members have signed on to the NCUA Budget Transparency Act (HR 2287), bringing the total to 14. Reps. Cheri Bustos (D-IL) and Keith J. Rothfus, (R-PA) signed on in the latter part of last week.
The legislation – introduced by Rep. Mick Mulvaney (R-SC) -- would require NCUA to open its budget process to notice and comment from stakeholders and the public. In letters to Congress in support of the legislation, NASCUS has noted NCUA’s unique role as both a charterer and share insurer, funding its operations through an operating fee charged directly to federal credit unions (FCU Operating Fee) and by transferring money from the share insurance fund to the agency through the Overhead Transfer Rate (OTR).
“How NCUA allocates its expenses and draws its operating funds substantially impacts the dual chartering system,” NASCUS has written. “A formal notice and comment requirement for NCUA’s budget, including the OTR, provides oversight, accountability and transparency. This is not only sound public policy, it also helps ensure an equitable playing field for state and federally chartered credit unions.”
NASCUS President and CEO Lucy Ito urged all stakeholders in the issue to urge their U.S. House representatives to co-sponsor the legislation.