WASHINGTON — A new bill in Congress would call for the Government Accountability Office to study the NCUA budget.
The bill, known as the NCUA Budget Transparency Act (aka HR 1176), was presented in the House by U.S. Rep. Mick Mulvaney (R-S.C.) would require the GAO to examine NCUA's budget for the following purposes:
- to examine processes and procedures related to the agency's budgeting practices
- to identify areas where NCUA can provide greater budget transparency to Congress, credit unions and the public
- determine line-by-line budget data for the NCUSIF, the Central Liquidity Fund and Temporary Corporate Stabilization Fund
A full report on those findings would be due to Congress no later than 18 months after enactment.
NAFCU praised the bill, crediting Mulvaney's efforts to make sure Congress can effectively oversee regulators.
"This bill is an important step toward providing more clarity about how NCUA is spending credit union dollars to fund its operations," NAFCU's director of legislative affairs, Jillian Pevo, said in a statement. "We look forward to working with Congress to ensure the study envisioned in this bill comes to fruition."
CUNA also praised Mulvaney's bill, with Chief Advocacy Officer Ryan Donovan noting that the trade group has previously said the agency should resume budget hearings.
"A budget hearing wouldn't be burdensome to the agency or the board members, but it would be a meaningful step the agency could take to send the signal that they understand the concerns credit unions have regarding the increases in the budget and the use of the resources credit unions provide," Donovan said in a statement.
The bill is one of several credit union-friendly actions in Congress as credit unions gear up for CUNA's Governmental Affairs Conference next week, when the credit union faithful will descend on Capitol Hill to hear updates on what is happening in the nation's capital and to lobby lawmakers on a variety of issues, including the CU tax exemption, data breaches and capital modernization for the industry.