J. Mark McWattersNCUA Board Member J. Mark McWatters read the following prepared remarks during the agency’s November board meeting. McWatters voted no on the 2015 operating budget and overhead transfer rate, and called for the reinstatement of NCUA budget hearings, which were discontinued in 2010.

Statement by J. Mark McWatters

NCUA Board Member

As the newest member of the NCUA board I have learned much regarding the budgetary process over the past few months. I am dismayed by the increase in the 2015 Budget, the historic climb in the overhead transfer rate over the past several years, and certain aspects of the budgetary process employed by NCUA. As a board, we should remain mindful that we are spending other peoples’ money – that is, the scarce resources of federal and state chartered credit unions and their members. Any allocation of these funds should follow only after thoughtful reflection as to the necessity of the expenditures and whether the costs have been undertaken in the most efficient, effective, transparent and fully accountable manner.

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