A financial deregulation bill that could become law next year would require the U.S. credit-union regulator to submit its budget to public comment, a change that critics say gives the industry a platform for influencing its overseer, the Wall Street Journal reported. The new budget process for the National Credit Union Administration (NCUA) has broader implications because it could set a precedent for other agencies that watch over the financial sector, such as the Consumer Financial Protection Bureau. The NCUA currently holds public meetings on its budget voluntarily, but the bill would formalize that process. Financial regulators like NCUA are generally funded by fees on the industries they oversee. Some, such as the consumer bureau, set their own budgets, while others must win approval from Congress. If the bill becomes law, the NCUA will be the only financial regulator required to hold a public hearing where industry can weigh in on spending.
