Busy week ahead in Congress –
including NCUA budget transparency bills
Dec. 7, 2015 -- Legislation mandating that the NCUA Board open to notice and comment its budget process– including the overhead transfer rate (OTR) – is scheduled to be marked up in a House committee Tuesday.
Action on a similar bill in the Senate could also be this week.
H.R. 2287, the NCUA Budget Transparency Act, sponsored by Rep. Mick Mulvaney (R-S.C.), would require the NCUA Board to open its budget process to notice and comment -- including publication in the Federal Register -- by stakeholders and the public. The mark up by the full House Financial Services Committee Tuesday (which will also mark up a number of other bills) is set to start at 2 p.m.
Meanwhile, an appropriations bill in the Senate – expected to be considered by that body by week’s end -- also contains a version of the budget transparency legislation. The bill contains a financial services regulatory relief package crafted by Senate Banking Committee Chairman Richard Shelby (R-Ala.) and attached to the Financial Services and General Government Appropriations Bill. Aside from the budget provision, the bill contains a number of additional credit union-related measures, including a provision granting credit unions and other lenders a safe harbor until the CFPB can certify its Truth in Lending Act-Real Estate Settlement Procedures Act forms do not conflict with state law.
Also Tuesday: NCUA Board Chairman Debbie Matz is scheduled to testify before the House Financial Services Committee as a member of the Financial Services Oversight Council (FSOC). Other members of the council are also expected to testify. The hearing, beginning at 10 a.m., is expected to focus on FSOC's agenda, operations and structure. The hearing will be live-streamed on the web via the committee’s website