NCUA Board Chairman Debbie Matz is against the bill Senate banking members introduced on Tuesday that would require the NCUA to hold budget hearings.
"Chairman Matz strongly opposes the bill, as it would undermine the independence of the agency and lead to regulatory capture," NCUA Public Affairs Specialist John Fairbanks said. "No other financial institution regulator is subject to an annual budget hearing requirement or conducts such a hearing."
NCUA Board Member Mark McWatters called for budget hearings at a board meeting in November of last year, where he voted against the NCUA's $279.4 million operating budget for 2015. He also said the operating budget should be made available in advance of the full board vote.
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