WASHINGTON (10/26/11)--In its efforts to reduce the unnecessary regulatory burden of credit unions, the Credit Union National Association (CUNA) backed the Regulatory Accountability Act of 2011 (H.R. 3010) by submitting a statement for the record of Tuesday's House Judiciary Committee hearing.
H.R. 3010 would revise the Administrative Procedure Act to require agencies to consider the costs and benefits of new rules and other regulatory actions, and would require federal regulators to conduct public hearings for most rules estimated to have an aggregate impact on industry of over $1 billion. The legislation also sets new data quality standards for agency fact finding in the rulemaking process.
CUNA in its statement said the legislation "would give credit unions and others new tools and procedures that would help protect against arbitrary regulatory burdens" and "would significantly enhance the interaction between industry and federal administrative agencies."
Portions of the bill that add cost benefit analysis and information reporting requirements "would be far more effective than the closest existing parts of the Administrative Procedure Act, the Regulatory Flexibility Act and the Paperwork Reduction Act," CUNA added.
Rep. Lamar Smith (R-Tex.), the chief sponsor of the bill, in a statement called his legislation "common-sense reforms that have bipartisan support in both the House and the Senate." Reps. Howard Coble (R-N.C.), Collin Peterson (D-Minn.) are cosponsors of the bill, and joined Smith in introducing the bill, alongside Senators Rob Portman (R-Ohio) and Mark Pryor (D-Ark.).
Reducing regulatory burden for credit unions is a top CUNA priority, and CUNA has frequently called on the National Credit Union Administration, the Consumer Financial Protection Bureau, and other federal agencies to ease the working environment for credit unions.
For the full CUNA letter, use the resource link.