Chuck Hagel: “It is not about mischief-making. It is not about burdening credit unions. It is about things like open, honest…”

“It is not about mischief-making. It is not about burdening credit unions. It is about things like open, honest accounting. I just don't understand why anyone would reject or object to a clear understanding of what the commercial loan portfolio is for any credit union. Why would you object to taking any loan, a commercial loan, under $50,000, and putting it in an appropriate accounting category in a portfolio? It is not about burdening the accounting process. It is about open, honest accounting. When my friend talks about burdening these small credit unions by forcing them to bring in professionals who have had a minimum of 2 years in commercial lending, you mention my amendment, did I understand my amendment. I understand it, I think, fairly well, and I will read you from what we say in here. We talk about the NCUA's general counsel position on this, as has stated that the requirement that we put in this amendment could be met by hiring contract assistants on a case-by-case basis. Now, this should be, like any financial institution, about solid accounting.”