WASHINGTON—NAFCU is urging a Senate subcommittee to provide regulatory relief for small businesses.
In a letter to the Senate Homeland Security and Government Affairs Committee’s Subcomittee on Regulatory Affairs and Federal Management, NAFCU Vice President of Legislative Affairs Brad Thaler noted that NAFCU has long supported legislation that would clarify that agencies must measure both the direct economic impact and the reasonably foreseeable indirect economic impact that regulations are having on small entities, including credit unions.
“That is why we supported the Small Business Regulatory Flexibility Improvements Act of 2015, introduced in the 114th Congress,” stated Thaler. “The legislation would also require agencies to provide detailed analyses of impacts in both proposed and final rules, including estimates of cumulative economic impacts.”
Strengthening the Regulatory Flexibility Act would help to ensure that small entities have more information about how regulations will impact them and a greater opportunity to meaningfully participate in the rulemaking process, Thaler stated.
Thaler also touted NAFCU’s support for Small Business Regulatory Enforcement Fairness Act (SBREFA) panels for CFPB regulation, but noted the association’s disappointment that the CFPB has not done more to address concerns raised by those panels.
“NAFCU has advocated for Small Business Regulatory Enforcement Fairness Act panels when it comes to the CFPB,” wrote Thaler. “NAFCU remains concerned that the voice of panelists is not always heard. There are several instances that NAFCU is aware of where SBREFA panel reports clearly recorded specific issues voiced by panelists that were ultimately not addressed in final rules."