The NCUA board decided that keeping track of the bonds it has issued as part of the corporate stabilization effort has grown so complex that the agency has decided to hire a committee to oversee it.
The NCUA Guaranteed Note Securities Management and Oversight Committee will "ensure that NCUA fulfills its ongoing responsibilities under the NGN program in a manner that promotes transparency, efficiency and accountability," the agency said, referring to the NCUA Guaranteed Note program.
The committee will have five new full-time staff positions and a budget of $200,000, but the money will be taken from the stabilization fund and not from the agency's general budget. The NCUA board approved the new committee unanimously.
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