NCUA Critic Named Trump Budget Chief Posted by Association of Vermont Credit Unions on 12:09 PM

As reported by CU Times, President-elect Donald Trump has nominated a long-time critic of NCUA's spending and budget transparency as head of the Office of Management & Budget.
Congressman Mick Mulvaney (R-S.C.) will be responsible for the budget the President sends to Congress.  However, the OMB has budgetary authority over NCUA since the agency is not subject to the annual appropriations process.

Last month, Mulvaney sent a letter to NCUA applauding efforts to increase budget transparency but also raising concerns about agency spending. He also expressed displeasure with the NCUA paying attorneys $1 billion in legal fees in cases involving the sale of faulty mortgage-backed securities to five failed corporate credit unions. NCUA had hired attorneys on a contingency fee basis, a decision Mulvaney questioned.

In the U.S. House, Mulvaney is co-sponsor of legislation that would require any overhead transfer of agency expenses to the insurance fund to be legitimate, substantiated, insurance-related costs. Mulvaney also disagreement strongly with Debbie Matz when she was NCUA board chair.  In a July 2105 congressional hearing, Matz expressed her disbelief that credit unions represent their members. Mulvaney later referred to Matz's comments during a NAFCU congressional caucus saying that "To have oversight over an entire industry and think so poorly of the people in that industry was xhocking.”