Andy Barr: “I also include in the Record a letter dated March 16, 2023, sent by NCUA Chairman Harper in response to Chairman…”

“I also include in the Record a letter dated March 16, 2023, sent by NCUA Chairman Harper in response to Chairman McHenry's and Senator Lummis' March 2, 2023, letter. National Credit Union Administration, Alexandria, VA, March 16, 2023. Hon. Patrick McHenry, Chairman, U.S. House Committee on Financial Services, U.S. House of Representatives, Washington, DC. Dear Chairman McHenry: Thank you for contacting the National Credit Union Administration about the implementation of Staff Accounting Bulletin 121. The increase in consumers and businesses using digital assets, including cryptocurrency, has impacted the financial services industry, which includes both credit unions and banks. It is therefore important to develop a balanced policy approach to address emerging risks to the safety and soundness of federally insured credit unions. Your letter requests responses to several questions, which reflect the NCUA's supervisory role over federally insured credit unions. Our responses follow. (1) Was your agency contacted by the SEC prior to the issuance of SAB 121? If so, please identify the staff members consulted by the SEC and provide copies of written feedback, if any, provided to SEC staff. The NCUA was not contacted. (2) Has the SEC indicated that it will modify or withdraw SAB 121 in light of widespread comments that the Bulletin is flawed? The NCUA is not aware of the SEC's intent to modify or withdraw SAB 121.…”