Obama pushes for speedier rule writing
Aug. 21, 2013 – While meeting with the members of the Financial Stability Oversight Council on Monday, President Obama urged the regulators to finish the stalled rule-writing process for the implementation of the 2010 Dodd-Frank Act.
Obama met with the heads of the Securities and Exchange Commission, the Federal Housing Finance Agency, the CFPB, and the Federal Reserve, as well as Treasury Secretary Jack Lew, Comptroller Thomas Curry, and NCUA Chairman Debbie Matz.
According to law firm Davis Polk, regulators have missed 60 percent of rule-making deadlines. The Associated Press quoted Sheila Bair, the former chair of the Federal Deposit Insurance Corp, saying, “Most of the rules have not been finalized. A lot of them haven’t even been proposed yet. When some of the rules have been proposed, they’re highly complicated, they’re riddled with exceptions, they’re watered down.”
White House Press Secretary Josh Earnest told reporters that the president wanted to convey a “sense of urgency” to the regulators about Wall Street reform.
NAFCU will continue to work with Congress and the White House on regulatory relief and related issues, with emphasis on the proposals outlined in the association’s five-point plan, many of which are reflected in H.R. 2572, a proposed regulatory relief package from Rep. Gary Miller, R-Calif.
Credit unions will be able to air their concerns directly with lawmakers about regulatory relief, housing finance reform and the preservation of the credit union tax exemption during NAFCU’s Congressional Caucus in Washington Sept. 8-11.