May 21, 2020

Trump orders NAFCU-backed regulatory relief for economic recovery

regsPresident Donald Trump Tuesday signed an executive order requiring agencies to take measures to eliminate, modify, waive, or exempt burdensome regulatory requirements in efforts to help support economic recovery from the effects of the coronavirus pandemic. NAFCU has continuously advocated for regulatory relief for credit unions as they work to meet the needs of their members affected by the pandemic.

The order includes independent agencies, such as the NCUA, CFPB and Federal Housing Finance Agency (FHFA), and encourages agencies to speed up the rulemaking process by moving some proposed rulemakings to interim final rules with immediate effect.

The order also directs agencies to take additional steps to provide coronavirus pandemic-related relief, practice enforcement discretion, and provide a report on their efforts to the Office of Management and Budget and others in the administration.

Additionally, the order establishes a "Regulatory Bill of Rights," 10 basic principles of fairness that will govern the administrative enforcement and adjudication process.

NAFCU has discussed how agencies can help provide credit union with tools to serve their members and urged for regulatory relief in conversations with NCUA Chairman Rodney Hood, Board Members Todd Harper and J. Mark McWatters, CFPB Director Kathy Kraninger, and FHFA Director Dr. Mark Calabria.

Last week, NAFCU President and CEO Dan Berger discussed how credit unions are adapting to meet the needs of members during the coronavirus pandemic with CUInsight’s Lauren Culp

The association remains engaged with the Trump administration and agencies including the NCUA, CFPB, and FHFA on meaningful opportunities for relief that would aid credit unions.