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Title : NCUA Opposed to Government Watchdog Recommendation on Reforming Regulatory Structure

NCUA Opposed to Government Watchdog Recommendation on Reforming Regulatory Structure

The National Credit Union Administration (NCUA) disagreed with the Government Accountability Office (GAO) that Congress should consider consolidating regulatory agencies to eliminate regulatory fragmentation and overlap.

The GAO study found that the U.S. financial regulatory structure is complex, with responsibilities fragmented among a number of regulators that have overlapping authorities. GAO wrote that this fragmented regulatory structure introduces inefficiencies in the regulatory process; inconsistencies in how regulators conduct oversight activities over similar types of institutions, products, and risks; the potential for duplication in regulators’ oversight activities; and differences in the levels of protection provided to consumers.

The GAO recommended that Congress should consider whether additional changes to the financial regulatory structure are needed to reduce or better manage fragmentation and overlap in the oversight of financial institutions and activities. GAO believes that reducing regulatory fragmentation and overlap would improve (1) the efficiency and effectiveness of oversight; (2) the consistency of consumer protections; and (3) the consistency of financial oversight for similar institutions, products, risks, and services.

However, NCUA disagreed with GAO's suggestion that Congress consider whether additional changes are needed to the regulatory structure. NCUA stated that consideration of changes to the regulatory structure would need to include a careful review of the costs and benefits.

Read the GAO Report.

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