Legislation would require 7-year review of existing financial regs

CUNA wrote in support of the Comprehensive Regulatory Review Act (H.R. 3198) Wednesday, a bill introduced by Reps. Barry Loudermilk (R-Ga.) and Josh Gottheimer (D-N.J.).

“CUNA supports the Comprehensive Regulatory Review Act, which would amend the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) to require the Federal Financial Institutions Examination Council and federal financial regulators, including the Consumer Financial Protection Bureau and NCUA, to review all existing regulations once every seven years,” the letter reads.

It adds that, under current practice, NCUA voluntarily reviews regulations every three years, one-third every year.


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