Georgia Dem signs on to NCUA Budget Transparency Act

JULY 8, 2015 -- As a result of outreach by NASCUS, credit unions and others, U.S. Rep. David Scott (D-GA) signed on to the NCUA Budget Transparency Act (H.R. 2287) Tuesday as a cosponsor.

If enacted, the Transparency Act would mandate that the agency hold public hearings and receive comments from the public on its annual budget. More specifically, the measure would require the NCUA Board, before the annual submission of its required detailed business-type budget, to print a draft of the budget in the Federal Register; hold a public hearing to receive comments from the public on the draft; and include in the required integral set of accounts statements in which the budget will address any of such comments. The bill was introduced by Rep. Mick Mulvaney (R-SC) in mid-May.

While the bill has garnered 12 co-sponsors to date, most of those are Republicans. NASCUS has been urging members and supporters to let their federal lawmakers know of their support for H.R. 2287, especially if their U.S. representatives are Democrats (since more sponsors are needed). NASCUS has also noted that it is a terrific opportunity for the state-chartered system to make the case for NCUA transparency on the overhead transfer rate (OTR).

NASCUS has developed a set of talking points on the bill; see the link below.

Additional sponsors for the legislation could also help propel it into mark-up of overall regulatory relief legislation, expected to be held later this month.

Talking points for letters, messages to lawmakers on H.R. 2287

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