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House Committee Approves Bill to Require Semi-Annual NCUA Testimony

(From Credit Union Times) – The House Financial Services Committee on 10/31 approved legislation that would require the NCUA chairman and heads of other banking agencies to testify twice a year on their regulatory and supervisory work.

The panel approved the measure, H.R. 4841, sponsored by Reps. Dean Phillips (D-MN) and Barry Loudermilk (R-GA.) on a 55-0 vote.

The bill was considered during a three-day committee markup, with much of the time being taken up by a debate on a contentious measure to reauthorize the Export-Import Bank.

But as the markup began, House Financial Services Chairwoman Maxine Waters (D-CA) said several of the measures considered by the panel had broad bipartisan support.

“At the beginning of this Congress, I made clear that I would be looking for opportunities to work across the aisle on commonsense legislation. I am pleased to say that each of the measures we will consider today have bipartisan support,” she said.

However, panel ranking Republican Patrick McHenry of North Carolina said that this week’s session was the first time this year that the committee was considering Republican-led bills.

In explaining his measure, Phillips said that before a hearing earlier this year, it had been three years since the NCUA chair and other banking regulators had testified before the panel.

“This is about transparency and oversight,” Loudermilk said.

During the markup, the committee also approved by voice H.R. 4458, legislation that would require the banking regulators, including the NCUA, to provide an annual report and briefing on their cybersecurity efforts.