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NAFCU Vice President of Legislative Affairs Brad Thaler, noting the regulatory burden on smaller credit unions, yesterdayurged House leaders to support H.R. 26, the "Regulations from the Executive in Need of Scrutiny (REINS) Act," which is slated for House action today.

"The REINS Act represents an important step toward regulatory relief by requiring any executive branch regulation with an economic impact in excess of $100 million, as scored by the Office of Management and Budget, to come before Congress for an up-or-down vote prior to enactment," Thaler wrote in a letter to House Speaker Paul Ryan, R-Wis., and House Minority Leader Nancy Pelosi, D-Calif.

Thaler also cited the impact on credit unions of the growing regulatory burden, in particular due to the growth of CFPB rulemaking. "The number of credit unions continues to decline, dropping by more than 20% (more than 1,500 institutions) since the 2nd quarter of 2010; 96% of which were smaller institutions with assets of less than $100 million," he wrote.

Thaler continued, "The fact is that many smaller institutions simply cannot keep up with the new regulatory tide and have merged out of business or closed their doors. It is with this in mind that NAFCU believes actions to bring regulatory relief to credit unions are essential."