WASHINGTON–A bill has been introduced that would require more transparency around NCUA’s rationale for the overhead transfer rate, or the funds transferred from the National Credit Union Share Insurance Fund to cover costs related to examining state-chartered CUs.
HR 5869, sponsored by Rep. Mick Mulvaney (R-SC) and Rep. Denny Heck (D-WA), would give the “credit union system the opportunity to evaluate and respond to allocation of expenses.”
“Transparency in the calculation of the overhead transfer rate is much needed, and this legislation would go a long way to bringing that about,” said NASCUS CEO Lucy Ito. “At NASCUS, our goal for years has been to give the credit union system the opportunity to evaluate and respond to NCUA’s allocation of expenses – and this measure, once enacted, will be significant in helping us reach that goal. Our thanks to Rep. Mulvaney for drafting and introducing the bill, and to Rep. Heck for his original co-sponsorship. We look forward to working with them as the legislative process moves forward.”