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Missouri U.S. Representatives Take Part in NCUA Congressional Hearing

U.S. Representatives Lacy Clay (D-District 1) and Blaine Luetkemeyer (R-District 3) both questioned National Credit Union Administration Chairman Debbie Matz during a Congressional hearing on NCUA’s operations and budget. The hearing took place on July 23 in front of the House Financial Services subcommittee on financial institutions and consumer credit. 

The Missouri Credit Union Association (MCUA) reached out to Luetkemeyer and Clay in advance of the hearing with examples from credit unions about the potential impact of the Risk Based Capital (RBC) proposal on members, as well as concerns with NCUA budget transparency.

During the hearing, Congressman Clay asked Matz if budget hearings would enhance the transparency of the process. Matz stated that the NCUA budget has a minimal impact on the credit union themselves. She later indicated that she does not hear questions or concerns about the NCUA budget from credit unions.

Congressman Luetkemeyer expressed his frustration regarding a letter he received from Chairman Matz last year in connection with H.R. 4042, the Community Bank Mortgage Servicing Asset Capital Requirements Study Act. Matz’s letter asked the House to refrain from considering amendments on capital-risk rules. Luetkemeyer questioned Matz’s authority in sending the letter, as well as her vote in favor of the Financial Stability Oversight Council’s (FSOC) designations of non-banks as SIFIs (systemically important financial institutions).

Clay and Luetkemeyer were two of 14 lawmakers who asked questions during the hearing. In addition to budgetary questions, committee members also discussed regulatory relief, member business lending, field of membership and supplemental capital. This was the first Congressional hearing for Matz since 2011. Click here to view a webcast archive of the hearing.    

Caption (top): U.S. Representative Lacy Clay (D-District 1) 

Caption (bottom): U.S. Representative Blaine Luetkemeyer (R-District 3)