WASHINGTON – At NAFCU's Congressional Caucus Thursday, Rep. Mick Mulvaney (R-S.C.) appeared to remain preoccupied with his July exchange with NCUA Board Chairman Debbie Matz, telling credit union industry executives that their institutions deserved a regulator who did not think they were evil.
Speaking on the Caucus' last day, Mulvaney (pictured) reflected on the incident in which Matz, testifying before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, told the committee that credit unions did not represent their members' best interests when the committee's members objected to the NCUA's budget and how the agency spends its money.
"It was stunning," Mulvaney said. "To have oversight over an entire industry and think so poorly of the people in that industry was shocking."
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He later added, "I don't know when her [Matz's] tenure is up, but it may be time to find a regulator who doesn't think you are evil."
Mulvaney acknowledged that the hearing process can seem tedious and appear to have little value, and referred to a hearing before the House Committee on Small Business Economic Growth, Tax and Capital Access that also took place Thursday, which, he said, might only draw six members.
However, he noted, a hearing's value lies in getting witnesses and officials on the record, which is also how change can begin to take place.
Mulvaney claimed the NCUA did not make the Overhead Transfer Rate documents public on its website until Matz realized committee members might ask about them and decided she didn't want to be questioned.
"Most people don't want to be called before us as witnesses," Mulvaney said.
He also told attendees that he expects the financial services committee to mark up and pass his legislation mandating an open budget process at the NCUA between late October and late November, and that the NCUA Budget Transparency Act still had strong bipartisan support.
"Under [House Financial Services Committee] Chairman Hensarling's rules, a bill has to have the support of at least five Democratic members to get a hearing," Mulvaney said.
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