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March 14, 2018

House passes NAFCU-backed bill on tailored regs

The House yesterday passed a NAFCU-backed bill to ensure the NCUA, CFPB and other regulators do not use a one-size-fits-all approach to rulemaking. Today, the House is expected to approve of another NAFCU-backed bill that would increase fairness and transparency in the examination process.

Ahead of the vote, NAFCU sent a letter to House leaders voicing its support of the two measures. NAFCU Vice President of Legislative Affairs Brad Thaler sent the letter to House Speaker Paul Ryan, R-Wis., and House Minority Leader Nancy Pelosi, D-Calif.

The Taking Account of Institutions with Low Operation Risk (TAILOR) Act (H.R. 1116) passed the House yesterday by a vote of 247-169. The bill would require rules from financial regulators to be tailored to fit the institutions' business models and risk profiles. Thaler noted in the letter that the legislation "would require NCUA (and other regulators) to consider the aggregate impact a new rule will have along with existing regulations" and this bill will help improve credit unions' regulatory environment.

The bill now awaits Senate action.

Thaler also wrote that NAFCU supports the bipartisan Financial Institutions Examination Fairness and Reform Act (H.R. 4545) as "credit unions can sometimes face inconsistent and unclear examinations." The bill would set standards for examination fairness for federal financial institution regulators, including the NCUA, including clear guidance from regulators, consistency from exam to exam, timeliness of reported exam results and an independent appeals process free of examiner retaliation.

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