Watch a webcast of Matz's testimony here.
WASHINGTON – Senators of both parties asked pointed, though not hostile, questions of NCUA Chairman Debbie Matz about how the agency dealt with the problems of corporate credit unions and whether the agency's examination procedures were adequate.
Incoming Senate Banking Committee Chairman Tim Johnson (D-S.D.) used last Thursday's oversight hearings on credit unions as an opportunity to ask Matz if she agreed with the assessment of the recent NCUA Office of Inspector General's report about shortfalls in NCUA examinations that helped lead to the failure of 10 credit unions. He also asked what the agency is doing to avoid a recurrence. Though he noted that many of the problems were also caused by failures of credit union managers.
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