CU Today reports that NCUA Chairman Debbie Matz has issued a statement following her testimony before Congress that seeks to clarify her response to one congressman’s question.
Matz’s statemen includes: “During my testimony in Congress yesterday (Thursday), I emphasized the importance of NCUA being an independent financial regulator which protects the deposits of credit union members. In order to do so, we must be staffed adequately and have independent control of our budget. I made the point that undermining the ability of this agency to protect the savings that 100 million Americans have trusted to the 6,206 credit unions NCUA insures could end up costing those members if we are hit with another financial crisis.
“The public has every right to expect government agencies to operate prudently, effectively, and at a reasonable cost. NCUA and the credit union system paid billions of dollars in losses for years of cost-cutting that hindered our ability to do our jobs. Cleaning up that disaster and re-tooling to prevent its recurrence required investment in staff, training, and tools to do the job right. I have always insisted every NCUA office justify every expense, and I will continue to do that. At the same time, I will continue to make protecting credit unions and their members’ savings my top responsibility.”