House Financial Services Chairman Jeb Hensarling's proposal to expand the NCUA from three to five members won't become law this year, because Congress is unlikely to enact any major legislation during the remaining days of its current session.

The proposal — part of the Texas Republican's ambitious Dodd-Frank overhaul — could rear its head next year, when Congress will have time to debate such ambitious plans.

In addition, the GAO is investigating the issue of regulatory capture among financial regulators, including the NCUA. Supporters of expanding the NCUA in the past have cited board independence as a reason for converting the board from three members to five members. The number of board members could be raised in the context of ensuring a broad spectrum of representation.

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