April 30, 2014

NAFCU backs 'Regulatory Clarity Act'

May 1, 2014 – NAFCU Senior Vice President and General Counsel Carrie Hunt wrote the leaders of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit in support of their legislation promoting regulatory clarity and relief.

Hunt thanked Reps. Shelley Moore Capito, R-W.Va., and Gregory Meeks, D-N.Y., for their introduction of H.R. 4466, the "Financial Regulatory Clarity Act." Hunt said the legislation is in keeping with a key component of NAFCU's five-point plan for regulatory relief: "ensuring proposed regulations are put forward in a thoughtful manner that takes into account existing regulations."

"While our proposal also calls for robust look-back cost-benefit analysis of all new National Credit Union Administration and Consumer Financial Protection Bureau rules, the theme of smart regulation is consistent in both approaches," Hunt wrote. "The requirement in the Financial Regulatory Clarity Act that would direct the NCUA and CFPB to conduct a robust review of regulations and report back to Congress within 60 days, is one important step to achieve the kind of regulatory relief our nation's credit unions so desperately need.

"NAFCU looks forward to working with you and your staff throughout the legislative process to help mitigate the unique regulatory hurdles credit unions face," she continued.

NAFCU introduced its five-point plan for regulatory relief in 2013. In addition to advocating administrative improvements and reforms in NCUA and the CFPB, the plan calls for raising the member business lending cap and instituting national standards for data security for retailers.