April 11, 2014

Capito, Meeks address reg burden in new bill

April 14, 2014 – Reps. Shelley Moore Capito, R-W.Va., and Gregory Meeks, D-N.Y., both of the House Financial Services Committee, on Thursday introduced a bill that would require regulators to review new proposals to see if they are duplicative or inconsistent with existing regulations.

H.R. 4466 now awaits action of the House committees on Financial Services and Agriculture.

"We appreciate the aim of this bill, which is to reduce the regulatory burden faced by credit unions," said Brad Thaler, NAFCU's vice president of legislative affairs. "NAFCU supports the goals of this bill as it would advance a key element of NAFCU's five-point plan for credit union regulatory relief."

In December, NAFCU commented on a discussion draft of this legislation circulated by Capito and Meeks, the chairman and ranking member of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, respectively.