To amend the Federal Credit Union Act to require the National Credit Union Administration Board to provide a rationale for any amounts the Board proposes to use from the National Credit Union Share Insurance Fund, and for other purposes.

Bill: 114-hr-5869
Sponsor: full_name: Rep. Mulvaney, Mick [R-SC-5]
Introduced: 2016-07-14
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital

Government trust funds

National Credit Union Administration

User charges and fees
Latest action: action_date: 2016-07-14
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2016-07-14
action_desc: Introduced in House
text: <p>This bill amends the Federal Credit Union Act to require the National Credit Union Administration (NCUA) Board to submit annually with its detailed business-type budget a report that contains: (1) an analysis of the NCUA's operating expenses and the extent to which those expenses are funded by assessment fees collected from federal credit unions or amounts transferred from the National Credit Union Share Insurance Fund (NCUSIF), and (2) a supporting rationale for proposals to use amounts in the NCUSIF for operating expenses.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5869 IN THE HOUSE OF REPRESENTATIVES July 14, 2016 Mr. Mulvaney (for himself and Mr. Heck of Washington ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Credit Union Act to require the National Credit Union Administration Board to provide a rationale for any amounts the Board proposes to use from the National Credit Union Share Insurance Fund, and for other purposes.

1. Fund transparency Section 203 of the Federal Credit Union Act ( 12 U.S.C. 1783 ) is amended by adding at the end the following: (g) Fund transparency (1) In general The Board shall accompany each annual budget submitted pursuant to section 209(b) with a report containing— (A) a detailed analysis of how the expenses of the Administration are assigned between prudential activities and insurance-related activities and the extent to which those expenses are paid from the fees collected pursuant to section 105 or from the Fund; and (B) the Board’s supporting rationale for any proposed use of amounts in the Fund contained in such budget, including detailed breakdowns and supporting rationales for any such proposed use related to titles of this Act other than this title. (2) Public disclosure The Board shall make each report described under paragraph (1) available to the public. .