A bill that could reduce the ability of the CFPB and NCUA toissue new regulations has “a little bit” of traction, said NAFCUVice President of Legislative Affairs Brad Thaler.
|NAFCU officially threw its support behind the bill Monday.
|S. 3468 was introduced by Sens. MarkWarner (D-Va.), Rob Portman (R-Ohio) and Susan Collins(R-Maine) in August. It would require independent agencies like theCFPB and NCUA to analyze the costs and benefits of new regulations and report them to theAdministration.
|Independent agencies are not required to scrutinize the cost andeffects of major new regulations as federal agencies are. The billwould authorize the president to require independent agencies toperform the same analysis and review process as federal regulatoryagencies.
|Thaler said NAFCU considers the bill one approach to reducingregulatory burdens on credit unions. The bill would apply to allindependent regulators, not just those that oversee the financialservices industry, he said.
|The ultimate impact of the bill would depend upon theAdministration's approach to scrutinizing regulators, but Thaleradded that the future of the CFPB already depends upon thepresidential election's outcome.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
