by: Nicholas Ballasy

The NCUA spent $150,000 on a legal opinion for the risk-based capital proposed rule, which NAFCU said was an astronomical amount.

CUNA acquired a separate legal opinion but would not reveal the cost to CU Times.

“There are many questions about this legal opinion, not the least of which is cost,” Carrie Hunt, NAFCU SVP of legislative affairs and general counsel, told CU Times.

She added, “If NCUA needs to go outside the agency’s expertise and spend such an astronomical amount for legal counsel and analysis, why not commit to disclosure from the outset, regardless of the outcome? NCUA should be focused on sound public policy, not trying to justify a position.”

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