Removing Barriers Blog

Rep. Mark Meadows Revises Regulations List to Protect Credit Unions

On December 14, 2016, Congressman Mark Meadows (R-NC), Chairman of the House Freedom Caucus, released a 21 page report listing 228 federal rules and regulations that the incoming Trump administration could eliminate or scale back.  This list was designed by Meadows to assist the incoming president in jumpstarting economic growth by eliminating rules and regulations that appear to be a hindrance to economic growth.

This report, the Rules, Regulations, and Executive Orders to Examine, Revoke, and Issue, listed the National Credit Union Administration’s (NCUA) recent member business lending (MBL) rule as a provision that should be eliminated by the incoming Administration. 

CUNA, in conjunction with the Carolinas Credit Union League, quickly met with the staff of Rep. Meadows to inquire as to why a rule that fosters economic growth and business activity would have been marked for elimination in his report.  It was quickly learned that the NCUA MBL rule was inadvertently included in the report.

CUNA and the Carolinas Credit Union League are happy to report that working together, we were able to work together to successfully have the MBL provision dropped from the latest iteration of the report issued by Representative Meadows.  Ryan Donovan, CUNA’s Chief Advocacy Officer, stated, “This is another example of CUNA and League cooperation that has led to a positive outcome for the credit union movement.  This type of cooperation continues to be essential in the efforts we continue to pursue to relieve unnecessary regulatory burdens on credit unions.”