ARLINGTON, Va.–NAFCU is urging House leadership to get behind regulatory relief efforts that are included in HR 427, the “Regulations from the Executive in Need of Scrutiny (REINS) Act of 2015.”
“The REINS Act would make an important step toward regulatory relief by requiring any executive branch regulation with an economic impact in excess of $100 million as scored by the Office of Management and Budget to come before Congress for an up-or-down vote before it could be enacted,” wrote NAFCU’s Brad Thaler in the comment letter. Thaler reiterated a point made to Congress on an ongoing basis, that the regulatory burden has since the second quarter of 2011 contributed to the demise of 1,250 federally insured credit unions, or more than 17% of all CUs.