The National Association of Federal Credit Unions is pressuring the federal credit union regulator to live up to its word on a promise to reintroduce public budget hearings.
In a letter to the National Credit Union Administration in advance of its July board meeting Thursday and its mid-year budget review, NAFCU President and CEO Dan Berger called on the board to continue its push for transparency.
"We appreciated and welcomed
Berger urged the board – which also includes board member J. Mark McWatters – to release budget documentation at least 60 days before the October meeting, mirroring the normal comment period for proposals published in the Federal Register. He also urged the regulator to announce how they plan to accept comments from the public.
"NAFCU and our members strongly support this decision as we believe public budget hearings are an indispensable opportunity for the industry to provide thoughtful input on the agency's expenditures," wrote Berger.
In advance of the budget review, NAFCU also recommended that NCUA focus on efficiencies, looking line-by-line at the budget to see where savings can be found.
"NCUA, as the steward of credit unions' dollars, must ensure that it charges credit unions the minimal amount needed to effectively conduct its operations," wrote Berger.
For its part, the Credit Union National Association did not offer advance comment on the mid-year review, though a CUNA rep observed that the mid-year review usually reflects some savings from the initial budget, and this year may be similar to the past in that regard.
