NAFCU statement in response to NCUA Director of Examination and Insurance Larry Fazio’s testimony before House Financial Institutions and Consumer Credit Subcommittee on regulatory relief
WASHINGTON, DC (April 23, 2015) – National Association of Federal Credit Unions (NAFCU) Senior Vice President of Government Affairs and General Counsel Carrie Hunt issued the following statement in response to testimony presented by NCUA Director of Examination and Insurance Larry Fazio before the House Financial Institutions and Consumer Credit Subcommittee.
“We appreciate NCUA advancing member business lending and field of membership before Congress,” said Hunt. “However, we continue to challenge the agency’s bid for third-party vendor examination authority. It is unnecessary given that NCUA is already authorized to thoroughly regulate credit unions and their third-party relationships.
“Additionally, we disagree with NCUA’s contention that its second risk-based capital proposal represents regulatory relief for credit unions. NAFCU and our members firmly believe this proposal is unnecessary and will only impose more regulatory burden on an already extremely well-capitalized industry.
“Ultimately, we hope Rep. Rick Mulvaney’s, R-S.C., recently introduced ‘NCUA Budget Transparency Act,’ which would require the Government Accountability Office (GAO) to study almost every aspect of NCUA’s budgeting and expenditure practices, will help promote more transparency from the agency in the future.”
The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.