Senate Bill 3468, which could slow the pace of new regulations issued by the NCUA and CFPB, has just three sponsors in the Senate.

However, it's being considered for possible markup by the Committee on Homeland Security and Government Affairs, according to an Oct. 26 letter from regulators provided to Credit Union Times by the NCUA.

The bill, which gained the NAFCU seal of approval in September, would require independent federal regulators, including the NCUA, to first gain approval from the Office of Management and Budget before issuing new regulations.

Because of potential on Capitol Hill for action on the bill, six independent regulators sent a letter outlining their opposition to committee Chairman Joseph Lieberman (I-Conn.) and Ranking Member Susan Collins (R-Maine). Collins is a co-sponsor of the bill, along with Sen. Mark Warner (D-Va.) and Sen. Rob Portman (R-Ohio), who introduced it Aug. 1.

Collins and Portman are also co-sponsors of S. 2160, the Exam Reform Act, that would require the NCUA and other financial regulators to provide credit unions with documented support when mandating solutions for exam exceptions, and create a new Ombudsman position that would hear exam appeals.

The regulator's primary beef with the OMB bill is that it would infringe upon their statuses as independent agencies, giving the executive branch “unprecedented authority” to influence “policy and rulemaking functions.”

The bill, which would require more than just cost-benefit analysis, would also interfere with the NCUA's ability to finalize rules critical to its mission in a timely manner, opening the agency up for lawsuits, the letter said.

Joining Matz in signing the letter were Federal Reserve Chairman Ben Bernanke, FDIC Acting Chairman Martin Gruenberg, CFPB Director Richard Cordray, Securities and Exchange Chairman Mary Shapiro and Comptroller of the Currency Thomas Curry.