After months of heated debates, the NCUA has announced it will allow for public comment on the methodologies used to calculate both the overhead transfer rate and federal credit union operating fee, according to a media release from the agency Monday.
Chairman Debbie Matz said that while notice and comment procedures are not legally required for the methodologies, she is now formally inviting credit union stakeholders and the public to comment on the OTR by publishing it in the Federal Register. She said it will be published following a board vote in January 2016.
"While these methodologies do not require notice and comment procedures, the Federal Register notices would provide additional measures of transparency by making the process behind the agency's two primary funding mechanisms more formally available for public comment," Matz said. "As always, (the) NCUA will review all comments thoroughly and consider them carefully."
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