Saying he wants to "make sure we avoid excessive, inconsistent and redundant regulation,'' President Obama announced that he is ordering all federal departments and independent agencies to review all existing regulations to ensure they don't stifle economic growth.
Obama, who announced his plans in an op-ed article in The Wall Street Journal, signed an executive order today.
Although the article focused on health, safety and environmental regulations, the top regulatory experts of CUNA and NAFCU said they hope it will also result in changes to regulatory policies at the Federal Reserve and the NCUA.
CUNA Senior Vice President Mary Mitchell Dunn said that her association had urged the Fed to have a temporary moratorium on new regulations and said they would send a letter to Obama with suggestions for regulatory changes.
NAFCU Senior Counsel and Director of Regulatory Affairs Carrie Hunt said they would also offer suggestions, one of which will be to have the NCUA restore certain exemptions under RegFlex.
Hunt said the agency should take a hard look at the waiver process. He also said regulators should consider restoring the exemption from the ban on FCUs investing more than 5% of their shared and retained earnings in fixed assets. She also wants the agency to eliminate the exemption from the rule requiring the FCU to obtain the liability and guarantee of the borrower's principal when making a member business loan.