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Sen. Richard Shelby (R-Ala.), chairman of the Senate Banking Committee, asked Larry Fazio, NCUA director of examination and insurance, why the NCUA is not permitting stakeholders to comment on the agency’s budget during a public hearing.

Shelby also asked the NCUA why it paid an outside law firm for a legal opinion of its risk-based capital proposal instead of relying on its own general counsel. The senator’s questions were in response to Fazio’s testimony at a recent regulatory relief hearing in the Senate Banking Committee.

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