An overwhelming – yet growing – regulatory burden on smaller institutions presents very serious concerns for credit unions, and can be addressed by a presidential executive order calling for a moratorium on new rules, according to a letter CUNA has sent Cass Sunstein, the Office of Management and Budget's administrator.

This is the second request this week CUNA has made to federal agencies seeking regulatory relief.

In the message, CUNA President and CEO Bill Cheney asked that Sunstein urge President Obama to issue another executive order to independent regulatory agencies, including the NCUA, calling for a moratorium on new rules that would impose “regulatory burdens that are not required by statute or necessitated by serious, material, quantifiable and well-documented safety and soundness concerns.”