NCUA Chairman Debbie Matz said, "We have our hands tied behind our backs without attaining this information."

Board Member Gigi Hyland said it is the best way to improve supervision without direct authority to examine vendors, which can only be authorized by Congress.

There is a 60-day comment period for the proposal.

CUNA Senior Vice President and Deputy General Counsel Mary Mitchell Dunn said her group will examine the rule carefully but are pleased that the agency wants to emphasize disclosures by the CUSO, rather than additional compliance requirements for individual credit unions.

NAFCU Vice President and General Counsel Carrie Hunt said NAFCU would review the proposed rule to ensure that it doesn't add to credit unions' already extensive regulatory burden.

In other news from last week's NCUA board meeting, the agency said that, largely because of personnel changes, it is only likely to spend $223.4 million this year rather the $225.4 million budgeted.

Although the agency will be hiring five new people for positions handling operations such as loan reviews and credit union liquidations, losses of other personnel will cause a $2.9 million reduction in personnel costs.

There will be increases in travel, administrative, and contracted services costs totaling $900,000.

As a result of the changes, the agency will have total of 1,214 full-time equivalent employees.

The NCUA board also approved an interim final rule, effective immediately, that clarifies that remittance transfers are permissible financial services for federal credit unions.

The rule, which complies with a requirement in last year's financial overhaul bill that provides additional protection for people who send money to foreign countries via remittance transfer program.

The board also authorized the agency to borrow up to $4 billion from the Treasury Department to retire the promissory notes to the bridge corporate credit unions and any other expenses that might be incurred during the resolution process for the bridge corporates.

The agency also reported that the percentage of insured shares in credit unions rated CAMEL 3 or above declined slightly last month.

In June, 4.51% of insured shares were in CAMEL 4 and 5 credit unions, compared with 4.75%

NCUA CFO Mary Ann Woodson said there were 381 CAMEL 4 and 5 credit unions, compared with 377 in May.

In June, 16.36% of insured shared were in CAMEL 3 credit unions, compared with 17.1% in May.

There were 1,775 CAMEL 3 credit unions in June, compared with 1,791 in May.

Woodson said the NCUSIF's net income was $4.8 million in June and $44.8 million for all of 2011. The fund's equity ratio was 1.28%, down from 1.29% in May.

There have been 11 credit union failures this year and they have cost the NCUSIF $40.1 million.

The NCUA Board also approved a measure to designate the deputy executive director of the agency as its chief operating officer.

The action makes the agency in compliance with a bill signed into law by President Obama in January aimed at improving the performance of federal agencies.

Deputy Executive Director Larry Fazio is leaving the post next month to become director of the Office of Examination and Insurance. He will succeed Melinda Love, who will succeed Fazio until she retires at the end of the year.