Coming under more congressional scrutiny Tuesday, House Banking's oversight subcommittee investigated charges of hiring abuses at the National Credit Union Administration.

"There is little doubt that this episode, building on others, has now created a true credibility crisis for this agency," subcommittee Chairman Spencer Bachus said. "For senior and mid-level management of a federal financial regulator to have been involved in such wide-ranging prohibited personnel practices and to have taken steps to cover up such conduct clearly undermines the trust of the credit union industry in its regulator."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.