The House Financial Services Committee Subcommittee on Financial Institutions and Consumer Credit held a hearing with NCUA Chairman Debbie Matz; her first on Capitol Hill since 2011. Much of the hearing centered on the NCUA budget process and lack of transparency. Rep. Bill Posey (R-FL), a member of the subcommittee, was the only member to ask about the risk-based capital rule. He is the only member of the committee that is supporting HR 2769, the stop and study bill.
“We thank Rep. Posey for his willingness to not only co-sponsor the stop and study bill, but to ask direct questions about RBC to the chairman during the hearing. Rep. Posey shows once again that he understands our issues and he is willing to advocate on our behalf,” said LSCU & Affiliates President/CEO Patrick La Pine.
Matz made headlines during the hearing by saying that credit unions that question why the NCUA doesn’t hold public hearings during the budget process “… (don’t) necessarily represent their members, and if they did, they wouldn’t be asking us to cut our budget.” Matz was given a second opportunity to clarify that statement and she stuck to her original statement.
“When they ask us to cut our exam budget, credit unions aren’t representing the best interests of their members,” Matz said.