CU Times recorded exclusive audio of the heated exchange between NCUA Chairman Debbie Matz and Board Member J. Mark McWatters during the agency's Nov. 19 board meeting.
The debate began after McWatters read aloud his statement regarding the agency's 2016 and 2017 budgets. In that statement, McWatters said the agency failed to engage both its members and board in a dialog on the budget process. He stated the NCUA should work to reduce its budget and improve transparency. He also questioned the efficacy of waiting to implement an 18-month examination cycle until after risk-based capital rules go into effect in 2019.
“There's so much misinformation in that statement, I won't even attempt to refute all of it,” Matz replied.
Listen to the exchange below.
The combined operating and capital budget, which passed on a two-to-one vote, will be more than $300 million for 2016 and will rise to $316 million for 2017.
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