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September 22, 2015
NAFCU calls for consistency in regulatory guidance
More consistency is needed in guidance provided by regulators that oversee credit unions, NAFCU Vice President of Legislative Affairs Brad Thaler said in a letter sent ahead of a Senate Homeland Security and Governmental Affairs subcommittee hearing slated today on the use of agency regulatory guidance.
Though today's hearing is largely focused on the Department of Labor, Thaler shared how the use of "regulatory guidance" impacts credit unions. Citing how examiners handle NCUA guidance – some treating it as a useful tool and others as part of the regulation – creates confusion for credit unions, he wrote.
"Congress should encourage regulators to ensure that all examiners treat both regulations and guidance consistently and for the purpose each was issued," Thaler wrote Subcommittee on Regulatory Affairs and Federal Management Chairman James Lankford, R-Okla., and Ranking Member Heidi Heitkamp, D-N.D., in a letter Tuesday.
Regarding CFPB, Thaler noted that rather than issue written guidance, the bureau has set up a help line where financial institutions can receive guidance from the agency. The problem, Thaler said, are reports of conflicting guidance being given through the help line. "NAFCU would appreciate the CFPB establishing procedures for institutions to get much needed official written legal advisory opinions to provide clearer guidance," he wrote. "Setting up such a process within the CFPB would be beneficial to credit unions and other financial institutions."
Today's hearing, "Examining the Use of Agency Regulatory Guidance," is slated to begin at 11 a.m. Eastern.
Though today's hearing is largely focused on the Department of Labor, Thaler shared how the use of "regulatory guidance" impacts credit unions. Citing how examiners handle NCUA guidance – some treating it as a useful tool and others as part of the regulation – creates confusion for credit unions, he wrote.
"Congress should encourage regulators to ensure that all examiners treat both regulations and guidance consistently and for the purpose each was issued," Thaler wrote Subcommittee on Regulatory Affairs and Federal Management Chairman James Lankford, R-Okla., and Ranking Member Heidi Heitkamp, D-N.D., in a letter Tuesday.
Regarding CFPB, Thaler noted that rather than issue written guidance, the bureau has set up a help line where financial institutions can receive guidance from the agency. The problem, Thaler said, are reports of conflicting guidance being given through the help line. "NAFCU would appreciate the CFPB establishing procedures for institutions to get much needed official written legal advisory opinions to provide clearer guidance," he wrote. "Setting up such a process within the CFPB would be beneficial to credit unions and other financial institutions."
Today's hearing, "Examining the Use of Agency Regulatory Guidance," is slated to begin at 11 a.m. Eastern.
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