Hunt backs broadening of Reg Flexibility Act
Sept. 18, 2013 – NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt urged cost vs. benefit analyses for rules affecting all credit unions, regardless of asset size, in a letter last night sent in support of H.R. 2542, the “Regulatory Flexibility Improvements Act.”
H.R. 2542, introduced this summer by Rep. Spencer Bachus, R-Ala., is in mark-up today by the House Small Business Committee and is cosponsored by the panel’s chairman, Rep. Sam Graves, R-Mo.
This legislation would clarify under the Regulatory Flexibility Act that agencies must measure both the direct economic impact and reasonably foreseeable indirect economic impact that regulations are having on small entities, including credit unions. It would also require detailed impact analyses, including estimates of cumulative economic impacts, in both proposed and final rules.
Hunt said H.R. 2542 “will help to ensure that small entities have more information about how regulations will impact them and a greater opportunity to meaningfully participate in the rulemaking process.”
NCUA this year revised its definition of “small entity” under the Regulatory Flexibility Act to cover credit unions having less than $50 million in assets, up from less than $10 million. “NAFCU supported this change as a step in the right direction and continues to encourage a definition that would capture all credit unions,” Hunt wrote in Tuesday’s letter.
Today’s mark-up is slated for 1 p.m. Eastern.
Hunt's letter to House Small Business Committee