Press

CUNA supports NCUA Budget Transparency Act

WASHINGTON, DC (April 14, 2015) — CUNA President and CEO Jim Nussle praised today’s introduction of the NCUA Budget Transparency Act. The CUNA-backed legislation, introduced by Senators Dean Heller and Mark Warner, would require the NCUA to make several aspects of its budget process public.

“The NCUA is funded by credit unions and their more than 100 million members; it makes perfect sense that the agency should be transparent with its budget,” said Nussle. “I thank Senators Heller and Warner for their leadership on this issue and hope this legislation comes to a vote in both chambers.”

The NCUA Budget Transparency Act would amend the Federal Credit Union Act to require the NCUA to make a copy of its draft operating budget publicly available and printed in the Federal Register. It would also require the agency to provide notice of a public hearing, conduct a hearing and allow the public to submit comments on the budget.

A similar bill was introduced in the House in March by Representative Mick Mulvaney. The House bill would direct the Government Accountability Office to study the NCUA’s budgetary process and identify ways it could be more transparent.

About CUNA

With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America’s credit unions, which are owned by more than 100 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter. Visit the CUNA Press Room for a full listing of media mentions, press releases and resources to stay informed on current events within the credit union industry.

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