The House Financial Services Committee will mark up a host of bills Dec. 8, two of which will affect credit unions if ultimately signed into law.
The NCUA Budget Transparency Act (H.R. 2287) calls for the NCUA to conduct public budget hearings and receive comments from the public on its budget. H.R. 2287 was introduced by Rep. Mick Mulvaney (R-S.C.) in May and also requires the budget to be printed in the Federal Register.
The NCUA's budget and discontinuance of an annual budget hearing has been subject to scrutiny by trade organizations and NCUA Board Member J. Mark McWatters.
“It is unfortunate that Congress must intervene in what the NCUA board should have undertaken to implement on its own accord. These are not difficult issues – more budgetary transparency is better than less and the NCUA board should seek input from the credit union community on the budget and the budgetary process,” McWatters told CU Times. “Sure, the NCUA board sets the budget, but out of respect for the credit union community – the people who actually fund the NCUA's budget – the NCUA board should hold a public hearing on the budget and allow members of the community and the public to comment on the record. That's a fundamental component of transparency and accountability and the bedrock of budgetary efficiency.”
Also on tap for Tuesday's markup is the Data Security Act of 2015 (H.R. 2205). Introduced by Rep. Randy Neugebauer (R-Texas), the bill would establish national security standards for retailers that would protect consumer payment and personal information.
The markup received the support of NAFCU President/CEO Dan Berger.
“I appreciate Chairman Jeb Hensarling's commitment to data security and ensuring that all entities holding consumers' personal financial data are held to the same standards credit unions are already accountable to,” he said in a statement. “I also thank him for his attention to the budgeting process of (the) NCUA and the importance of making that process more transparent to credit unions.
Other bills up for consideration during Tuesday's markup include: the Fair Opportunities for Professional Experts Act (H.R. 2187), the Housing Opportunity through Modernization Act, the SEC Small Business Advocate Act of 2015 (H.R. 3784), H.R. 3791, which aims to raise the consolidated asset threshold under the small bank holding company policy statement, the Small Business Capital Formation Enhancement Act (H.R. 4168), and a resolution that would create a task force to investigate terrorism financing in the House Financial Services Committee.
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