House Panel to Consider Proposal to Require Semi-Annual NCUA Testimony
It had been more than three years since any NCUA, or FDIC official had testified before the panel.
The House Financial Services on Tuesday will consider legislation that would require semi-annual testimony from the NCUA Chairman and the heads of other banking agencies on their supervisory and regulatory efforts.
The bill sponsored by Reps. Dean Phillips (D-Minn.) and Barry Loudermilk (R-Ga.) is one of several the committee will consider during its markup.
In explaining the bill, committee staff said that the NCUA chair and other banking regulators are not required to present regular testimony on Capitol Hill, as Federal Reserve officials now do.
The testimony would “allow for a comprehensive examination of the state of prudential regulation, supervision, and enforcement with respect to megabanks and other depository institutions,” the memo, prepared by the Democratic committee staff said.
The staff pointed out that before the May 16 committee hearing with prudential regulators, it had been more than three years since any NCUA, or FDIC official had testified before the panel.
The committee also will consider legislation sponsored by ranking Republican Patrick McHenry of North Carolina that would require each banking agency, including the NCUA to issue an annual report describing their efforts to strengthen cybersecurity programs.