Newsroom

NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt this week called for lawmakers to act as quickly as possible to create a better regulatory environment for credit unions.

In her Credit Union Times editorial, Hunt noted some recently finalized rules can be undone quickly, but older regulations will take more time to undo.

"Congress may use the Congressional Review Act to unwind some recently finalized rules, like the [CFPB's] prepaid account proposal," Hunt wrote "However, the CRA is a clunky mechanism to fight overregulation which was ‘hastily' promulgated in the final hours of the previous administration. To achieve real relief, Congress needs to act.

"Several of the provisions in the Financial CHOICE Act introduced last Congress by House Financial Services Committee Chairman Jeb Hensarling (R-Texas) offer some hope," she continued. "For a start, NAFCU supports repealing the Durbin amendment of the Dodd-Frank Act, amending other parts of the act and changing rules on capital."

Hunt also reviewed President Donald Trump's recent executive orders calling for reduced regulations and regulatory costs as well as a review of the Dodd-Frank Act.

Hunt encouraged credit union professionals to contact their lawmakers in order to help NAFCU "leverage every minute" to create meaningful regulatory relief as soon as possible.