WASHINGTON (4/15/13)--The House Judiciary Committee approved a bill last week that would require the U.S. Congress to approve all federal agency rules that would have an economic impact of more than $100 million.
Committee members declined to add an amendment to the Regulations from the Executive in Need of Scrutiny--or "REINS" Act (H.R. 367) that would have removed Dodd-Frank Act regulations from the reach of the congressional review.
Rep. Spencer Bachus (R-Ala.), who is a judiciary committee member and chairman of one of its subcommittees, said in a release that the Dodd-Frank Act regulations "are exactly the type of rules that need to be put under closer review." Bachus, who is House Financial Services Committee chairman emeritus, noted the burden the burden that Dodd-Frank Act regulations have imposed on credit unions and community banks.
To move forward, the REINS Act would next be considered by the full House.
The Credit Union National Association continues to fight regulatory burdens, acting on behalf of credit unions on several fronts.
Last week, Pamela Stephens, CEO of Security One FCU, Arlington, Texas, represented CUNA and credit union concerns as she testified before the House Financial Services financial institutions subcommittee to promote CUNA-backed regulatory relief measures. Stephens during the hearing delivered CUNA's 35 recommendations for statutory addressing a broad range of credit union issues, including examinations, accounting standards and regulatory agency budgets. (Use resource link to see an April 11 News Now story: CUNA 35-point Plan Could Help Spell Out Relief Bill.)
Removing legislative and regulatory barriers is one of the key objectives outlined in CUNA's Unite for Good initiative. Unite for Good calls on credit unions to rally in support of a common vision where "Americans choose credit unions as their best financial partner."
For a full list of Unite for Good action steps, use the resource link.