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NAFCU yesterday told Sen. Mike Crapo, R-Idaho, it supports his legislation to put NCUA, CFPB and all rules under the Dodd-Frank Act under the review process of the Economic Growth and Regulatory Paperwork Reduction Act.

While NAFCU appreciates that NCUA voluntarily participates in the law's 10-year regulatory review process, the association believes review should be required in order to help ease regulatory burden, association Vice President of Legislative Affairs Brad Thaler said in a letter to Crapo.

"We believe requiring review of all existing regulations from financial regulators, especially CFPB, could help ease the burden of costly, unnecessary or duplicative rules," Thaler wrote. "Every dollar spent by a credit union complying with an unnecessary or duplicative rule is a dollar that could have been used to make a loan to a member or improve products and services available to the 100 million credit union members across the country."

Crapo introduced S. 881, the "Comprehensive Regulatory Review Act," at the end of March.