Removing Barriers Blog

CUNA-Supported REINS Act First Major Bill Passed by House of Representatives in 2017
Posted January 05, 2017 by CUNA Advocacy

Approving its first major bill of the year, the House of Representatives passed the Regulations from the Executive in Need of Scrutiny Act (REINS Act), by a vote of 237-187 on Thursday.  Prior to consideration in the House of Representatives, CUNA sent a letter to Members of the House urging them to vote for the bill. 

The REINS Act would require that Congress approve any new major rule before it can be enforced, defining a “major rule” as any rule that the Administrator of the Office of Information and Regulatory Affairs (OIRA) within the Office of Management and Budget (OMB) finds may result in an annual effect on the economy of $100 million or more, a major increase in costs or prices for consumers, or significant adverse effects on competition, employment, investment, productivity or innovation. 

While there is much more Congress needs to do in order to improve the regulatory environment for local, member-owned credit unions and their members, this legislation is a step in the right direction towards bringing balance to the regulatory environment.