ARLINGTON, Va.—NAFCU has sent a letter to House Speaker Paul Ryan and Minority Leader Nancy Pelosi urging support for HR 1155, the Searching for and Cutting Regulations that are Unnecessarily Burdensome (SCRUB) Act of 2015.
The bill is being reviewed by the House this week.
Signed by NAFCU Vice President Brad Thaler, the letter calls the bill an “important piece of legislation” that “would establish a commission to review federal regulations and identify those that should be repealed or amended to reduce unnecessary regulatory burdens. In addition, the bill would require agencies to offset the cost of new regulations by repealing or amending regulations identified by the commission. NAFCU supports the intention of regulatory relief behind this legislation and believes it would be a good first step in addressing the overly burdensome regulatory environment credit unions face."
Thaler underscored the “overwhelming” impact of regulatory burden on credit unions.
"The magnitude of the regulatory burden facing credit unions is immense and continuously growing,” wrote Thaler. “Many credit unions are struggling to keep pace with the compliance burden placed on them by multiple regulators, which is evident in the reduction of credit unions. The total number of credit unions has declined by 17% (more than 1,280 institutions) since the second quarter of 2010; 96% were smaller institutions with assets of less than $100 million. "