Credit union trade groups are voicing their support for newly introduced legislation that would require the NCUA to provide a detailed analysis of how funds in the Share Insurance Fund are used.
H.R. 5869 is co-sponsored by Reps. Mick Mulvaney (R-S.C.) and Denny Heck (D-Wash.). It would require any overhead transfer of agency expenses to the insurance fund to be legitimate, substantiated, insurance-related costs.
The OTR determines what percentage of the NCUA's operating budget will be drawn from the National Credit Union Share Insurance Fund and used to cover expenses related to federal share insurance. In August 2015, the NCUA announced it would publish and seek comment on its OTR methodology for the first time in January 2016.
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