June 18, 2014

'SCRUB' reg relief bill awaits House action

June 19, 2014 – The NAFCU-supported "Search for and Cutting Regulations that are Unnecessarily Burdensome (SCRUB) Act" – H.R. 4874 – was reported out of the House Judiciary Committee Wednesday and awaits House action.

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 Jason Smith, R-Mo., would establish a review process for regulations and identify those that should be repealed or amended to reduce unnecessary regulatory burdens throughout the government.

Committee Chairman Bob Goodlatte, R-Va., said in opening Wednesday's mark-up: "The SCRUB Act represents a real step forward in our attempts to eliminate obsolete and unnecessarily burdensome federal regulations without compromising needed regulatory objectives. By establishing an expert commission with the resources and authority to assess independently where and how regulations are outdated and unnecessarily burdensome, it overcomes the disincentives for agencies and even regulated entities to identify problem regulations."

NAFCU Vice President of Legislative Affairs Brad Thaler wrote the leaders of the House Judiciary Committee Tuesday to express NAFCU's support for this legislation.

In his letter, 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." NAFCU will continue to monitor actions on the bill.