Sens. Dean Heller (R-Nev.) and Mark Warner (D-Va.) introduced abill on Tuesday that would require the NCUA to hold public hearingsand receive public comments from the public on its operatingbudget.

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Both Heller and Warner are members of the Senate Committee onBanking, Housing, and Urban Affairs.

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NCUA Board Member Mark McWatters called for budget hearings at a board meeting in November of last year. Healso said the operating budget should be made available in advanceof the full board vote. NCUA Board Chairman Debbie Matzdisagreed.

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“Each board member is entitled to their own beliefs. I do notbelieve it's prudent to release our budget in advance or to holdhearings on our budget,” Matz said. “Congress specifically providedthe board with the statutory authority to determine how we spendour money. They gave us the authority to raise funds from thecredit unions but they specifically gave the board the authority todetermine how the funds are spent.”

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The NCUA Budget Transparency Act would amend the Federal CreditUnion Act and the require the agency to “hold a public hearing,with public notice provided of such hearing, wherein the public cansubmit comments on the draft of such detailed business-typebudget.”

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

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

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Warner said credit unions play a critical role in allowingVirginians to borrow in order to buy homes and startbusinesses.

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“The NCUA plays an important role in ensuring that system – withmore than one trillion dollars in assets – remains stable andsound. Since credit union members are ultimately responsiblefor funding the NCUA through assessments on their institutions, itmakes sense that the public should have the opportunity to weigh inas the NCUA considers its annual budget,” he said.

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

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