Senate Panel to Review NCUA Handling of Corporates; PCA and MBL Limits
The Senate Banking Committee plans to provide "continued oversight'' of the NCUA's corporate stabilization efforts, according to the panel's two-year oversight plan issued by Chairman Tim Johnson (D-S.D.).
The panel also plans to review prompt corrective action and net worth standards for credit unions, limits on member business loans and the issue of insuring interest on lawyers' trust accounts at credit unions.
In the memo, Johnson wrote that "some of these [issues] will be adequately addressed through oversight hearings, while others may require legislative action.''
The memo did not spell out any specific legislative proposals.
Several of those topics are also being studied by Congress' investigative arm, the Government Accountability Office.
In addition, the House Financial Services Committee has circulated its oversight document in which it outlined plans to "review issues relating to the safety and soundness and regulatory treatment of the credit union industry. In particular the Committee will examine the failures in the corporate credit union system and evaluate possible reforms to the system and to the National Credit Union Administration.''
Both panels also outlined plans to review the implementation of the financial overhaul bill that Congress passed last year.
However, the House panel, which is controlled by Republicans, has so far taken a more aggressive role in questioning how the Obama administration has gone about implementing the measure, especially the new Bureau of Consumer Financial Protection and the Fed's power to cap debit interchange fees.
The House panel has already scheduled a hearing on interchange while the Senate panel's oversight plan says that the committee "may wish to examine this issue.''