Newsroom

January 13, 2015

NAFCU-backed reg cost-reduction bill nears House vote

NAFCU and 160 other financial industry groups on Monday jointly urged the House of Representatives to swiftly approve H.R. 185, a bill being readied for action today that would require the least-cost implementation of federal rules.

Titled the "Regulatory Accountability Act of 2015," H.R. 185 was introduced last Wednesday by House Judiciary Committee Chairman Bob Goodlatte, R-Va., and Rep. Collin Peterson, D-Minn. In addition to least-cost implementation, it would require more public input on rulemaking and set limits on the use of interim rules implemented without notice and comment.

Industry trades, including NAFCU, are urging swift passage. "Our members believe that regulations need to be narrowly tailored, supported by strong and credible data and evidence, and impose the lowest possible burden while still implementing Congressional intent," they wrote.

NAFCU is pushing its message of "enough is enough" as it continues to pursue a decrease in credit unions' regulatory burden – a goal H.R. 185 would help bring to fruition.

Under the bill, a least-cost implementation of rules would be required unless an agency could demonstrate that public health, safety or welfare required a more costly approach. Other key provisions would:

  • give interested parties a chance to hold agencies accountable for their own compliance with the Information Quality Act;
  • provide for on-the-record administrative hearings for the most costly rules to ensure agency data is well tested and reviewed;
  • provide for a more rigorous test in legal challenges for rules that would have the most impact.