“Each board member is entitled to their own beliefs. I do not believe it's prudent to release our budget in advance or to hold hearings on our budget,” Matz said. “Congress specifically provided the board with the statutory authority to determine how we spend our money. They gave us the authority to raise funds from the credit unions but they specifically gave the board the authority to determine how the funds are spent.”

The NCUA Budget Transparency Act would amend the Federal Credit Union Act and the require the agency to “hold a public hearing, with public notice provided of such hearing, wherein the public can submit comments on the draft of such detailed business-type budget.”

Heller said the NCUA should embrace fairness and accountability by holding budget hearings.

“In the past, its public budget hearings have served as the example of accountability and openness. Senator Warner and I want the NCUA to return to those high standards. That's why we introduced this bipartisan legislation,” he said. “The NCUA should hold public hearings detailing its budget annually. This is not a foreign practice to the NCUA, and it should not become extinct. Submitting a budget publically welcomes transparency and allows for public input.”

Warner said credit unions play a critical role in allowing Virginians to borrow in order to buy homes and start businesses.

“The NCUA plays an important role in ensuring that system – with more than one trillion dollars in assets – remains stable and sound. Since credit union members are ultimately responsible for funding the NCUA through assessments on their institutions, it makes sense that the public should have the opportunity to weigh in as the NCUA considers its annual budget,” he said.

NAFCU President/CEO Dan Berger thanked Heller and Warner for their bipartisan leadership in seeking to create a more open and transparent NCUA.

“Requiring NCUA to hold public budget hearings is a simple, commonsense practice that will help give credit unions the voice they deserve in the process. NAFCU will continue to support efforts to enhance budget transparency at the agency,” Berger said.

Instant Insights /

Senate Bill Would Require NCUA Budget Hearings

Related Stories

Recommended For You