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February 04, 2015

NAFCU urges passage of Reg Flexibility Act improvements

NAFCU yesterday urged House leaders to support H.R. 527, a bill slated for House action today that would revise the Regulatory Flexibility Act to improve transparency and ensure federal agencies fully consider how small businesses are affected by regulations.

"Strengthening the Regulatory Flexibility Act 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," NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt said in a letter to House Speaker John Boehner, R-Ohio, and House Democratic Leader Nancy Pelosi, D-Calif.

Hunt said credit unions and their more than 100 million members "strongly support efforts to ensure that all federal agencies, including agencies with direct jurisdiction over credit unions [including NCUA and CFPB] … appropriately consider the impact of their rules on small businesses."

She also noted NAFCU's backing of NCUA's final rule in 2013 raising the asset-size of credit unions viewed as "small" entities to those with less than $50 million in assets, up from $10 million.

H.R. 527, titled the "Small Business Regulatory Flexibility Improvements Act of 2015," was introduced by House Small Business Committee Chairman Steve Chabot, R-Ohio, and House Judiciary Committee Chairman Bob Goodlatte, R-Va.

NAFCU and other trade associations jointly wrote House members Tuesday in support of the bill.

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