January 13, 2015

House passes NAFCU-backed reg cost-reduction bill

The House on Tuesday voted 250 to 175 to approve H.R. 185, legislation supported by NAFCU that would require the least-cost implementation of federal rules.

Titled the "Regulatory Accountability Act of 2015," H.R. 185 was introduced last Wednesday by House Judiciary Committee Chairman Bob Goodlatte, R-Va., and Rep. Collin Peterson, D-Minn. In addition to least-cost implementation, it would encourage more public input on rulemaking and restrict the use of interim rules implemented without notice and comment.

NAFCU and 160 other financial trades wrote House members Monday urging passage of H.R. 185. The bill will now move on to the Senate.

Industry trades, including NAFCU, urged swift passage. "Our members believe that regulations need to be narrowly tailored, supported by strong and credible data and evidence, and impose the lowest possible burden while still implementing Congressional intent," they wrote.

NAFCU is pushing its message of "enough is enough" as it continues to pursue a decrease in credit unions' regulatory burden – H.R. 185 would help inch closer to that goal.

Under the bill, a least-cost implementation of rules would be required unless an agency could demonstrate that public health, safety or welfare required a more costly approach. Other key provisions would:

  • give interested parties a chance to hold agencies accountable for their own compliance with the Information Quality Act;
  • provide for on-the-record administrative hearings for the most costly rules to ensure agency data is well tested and reviewed;
  • provide for a more rigorous test in legal challenges for rules that would have the most impact.