A bill that could reduce the ability of the CFPB and NCUA to issue new regulations has “a little bit” of traction, said NAFCU Vice President of Legislative Affairs Brad Thaler.
NAFCU officially threw its support behind the bill Monday.
S. 3468 was introduced by Sens. Mark Warner (D-Va.), Rob Portman (R-Ohio) and Susan Collins (R-Maine) in August. It would require independent agencies like the CFPB and NCUA to analyze the costs and benefits of new regulations and report them to the Administration.
Independent agencies are not required to scrutinize the cost and effects of major new regulations as federal agencies are. The bill would authorize the president to require independent agencies to perform the same analysis and review process as federal regulatory agencies.
Thaler said NAFCU considers the bill one approach to reducing regulatory burdens on credit unions. The bill would apply to all independent regulators, not just those that oversee the financial services industry, he said.
The ultimate impact of the bill would depend upon the Administration’s approach to scrutinizing regulators, but Thaler added that the future of the CFPB already depends upon the presidential election’s outcome.