NCUA Board Member Mark McWatters told CU Times the NCUA "squandered its political capital" by requesting authority over third party vendors during a recent regulatory relief hearing on Capitol Hill.
McWatters also said the NCUA does not need the authority. If Congress granted the authority to the agency, McWatters predicted that the NCUA's budget would increase.
"What little political capital credit unions have on Capitol Hill was squandered by going to a regulatory relief hearing and asking for more regulation. Now, I know NCUA tried to say, 'well, if you give us vendor authority, it will really decrease the regulations on individual credit unions.' But, I don't know anyone who really believes that. Maybe some people on Duke Street in Alexandria, Va., (but) I certainly do not," he said.
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