Rep. Mick Mulvaney (R-S.C.) on Feb. 27 introduced a bill that would require a Government Accountability Office study of NCUA budgeting and spending.
The bill would require the GAO to review the NCUA's annual operating budget and the NCUSIF, corporate stabilization fund and Central Liquidity Facility.
It was introduced just days after Sen. Richard Shelby (R-Ala.), chairman of the Senate Banking Committee, penned a letter to the NCUA questioning why the agency does not allow a public budget hearing.
In the letter, Shelby referenced NCUA Board Member J. Mark McWatters' vote against the NCUA's 2015 operating budget and his support for budget hearings.
"Board Member J. Mark McWatters dissented from the adoption of NCUA's 2015 budget and stated that the NCUA board should permit public input on NCUA's budget. Since NCUA's budget is funded by mandatory contributions from the credit union community, why not permit members of the credit union community to comment on NCUA's budget at a public hearing?" Shelby wrote.
NAFCU Director of Legislative Affairs Jillian Pevo said Mulvaney's bill would be a key step toward ensuring real transparency at NCUA.
"Rep. Mulvaney and his staff have worked tirelessly to ensure effective congressional oversight of financial regulators," Pevo said. "This bill is an important step toward providing more clarity about how NCUA is spending credit union dollars to fund its operations. We look forward to working with Congress to ensure the study envisioned in this bill comes to fruition."
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