ARLINGTON, Va.—NCUA is being asked for greater transparency as the agency makes revisions to its Freedom of Information Act (FOIA) regulations.
NAFCU Senior Regulatory Affairs Counsel Michael Emancipator has sent a comment letter to NCUA addressing the FOIA revisions the agency is making pursuant to requirements under the FOIA Improvement Act of 2016.
"As a longstanding proponent of transparency, NAFCU fully supports the FOIA Improvement Act, and believes that the agency’s interim final rule meets all the technical statutory requirements,” Emancipator wrote. “However, NAFCU urges the NCUA to exceed minimum statutory standards and zealously apply an approach to information-sharing that would surpass the Act’s goal of adopting a 'presumption of openness.'"
"NAFCU believes that the agency could best pursue this proactive approach by publicly disclosing information of significant importance as soon as it is known, without a prerequisite FOIA request, especially as it relates to deliberations concerning the agency’s operating budget, the overhead transfer rate, the National Credit Union Share Insurance Fund, and the Temporary Corporate Credit Union Stabilization Fund."
Emancipator emphasized that NAFCU believes the agency should embrace a “'release to one is a release to all' presumptive standard. As DOJ has noted, this concept would ensure that all citizens—not just those making a request—have access to information released under the FOIA."