Nov. 2, 2012 – NCUA, the Consumer Financial Protection Bureau and banking and securities regulators are telling lawmakers that the NAFCU-backed S. 3468, the Independent Agency Regulatory Analysis Act, would interfere with their timely promulgation of rules and could spur lawsuits.
Writing Sens. Joe Lieberman, I-Vt., and Susan Collins, R-Maine, the chairman and ranking member of the Senate Homeland Security and Governmental Affairs Committee, the regulators said S. 3468 “would give any President unprecedented authority to influence the policy and rulemaking functions of independent regulatroy agencies and would constitute a fundamental change in the role of independent regulatory agencies.” In addition, they said, the measure “would interfere with our ability to promulgate rules critical to our missions in a timely manner and would likely results in unnecessary and unwarranted litigation in connection with out rules.”
Introduced by Sen. Rob Portman, R-Ohio, and cosponsored by Collins and Sen. Mark Warner, D-Va., S. 3468 would authorize the president to require compliance by all independent agencies with executive orders to conduct cost-benefit analyses of proposed rules.
NAFCU President and CEO Fred Becker, writing Portman last fall, said the measure would be “an important step” toward providing credit unions much-needed regulatory relief.