ARLINGTON, Va.—As the Senate Subcommittee on Regulatory Affairs and Federal Management prepares to address the federal regulatory process today, NAFCU has a message for Congress: the CU exam process could also use some improvement.
In a letter to Subcommittee Chairman James Lankford (R-OK) and Ranking Member Heidi Heitkamp (ND) in advance of today’s hearing entitled “Examining Practical Solutions to Improve the Federal Regulatory Process,” NAFCU VP-Legislative Affairs Brad Thaler suggested that two main areas where the process can be improved are cost-benefit analysis and improving the examination process for financial institutions such as credit unions.
"Unfortunately, the regulatory process is exacerbating the already daunting task of keeping up with constant rulemaking because regulators often do not take into account the true cost and time burden of regulations," Thaler wrote.
Thaler also expressed NAFCU's support for legislation S. 774, introduced by Senators Manchin and Moran, that would help to ensure timeliness, clear guidance and an independent appeal process free of examiner retaliation