June 17, 2014

NAFCU supports 'SCRUB' reg relief bill

June 18, 2014 – NAFCU Vice President of Legislative Affairs Brad Thaler wrote the leaders of the House Judiciary Committee to express NAFCU's support for legislation that would establish a commission to review federal regulations in order to reduce unnecessary regulatory burden.

The committee is set to mark up the "Search for and Cutting Regulations that are Unnecessarily Burdensome (SCRUB) Act" today. The SCRUB Act, introduced by Rep. Jason Smith, R-Mo., would establish a review process for regulations and identify those that should be repealed or amended to reduce unnecessary regulatory burdens throughout the government.

"NAFCU supports the intention of regulatory relief behind this draft legislation and believes it would be a good first step in addressing the overly burdensome regulatory environment credit unions face," Thaler wrote. "All community-based financial services institutions, including credit unions, are struggling under an ever-increasing regulatory burden. The impact of this growing compliance burden is evident as the number of credit unions continues to decline, dropping by more than 700 institutions since 2009."

Thaler pointed the committee to NAFCU's five-point plan for regulatory relief and asked that it "keep in mind … the overwhelming regulatory burden credit unions face."