CUNA supports REINS Act

CUNA letter to the House in support of the REINS Act

WASHINGTON, DC (January 5, 2017) — Dear Representatives:

On behalf of America’s credit unions and their members, I am writing to urge you to support the Regulations from the Executive in Need of Scrutiny Act (REINS Act).  The Credit Union National Association (CUNA) represents America’s state and federally chartered credit unions and their more than 100 million members.

The viability of local, member-owned credit unions is essential to economic freedom and growth.  Today, the greatest threat to credit unions’ viability is the burden they bear in complying with regulations designed for too-big-to-fail banks and other entities that prey on consumers.   Credit unions accept that they are subject to regulation, but they and their members should not pay the price of new regulation for the abuses perpetrated by the behemoth banks and other abusers of consumers.

In recent years, local, member-owned credit unions have seen a substantial increase in regulations imposed on the federal level.  Some have been mandated by Congressional action, and others have been promulgated through existing agency authority.  It is not any one specific regulation that is the problem.  Rather, the accumulation of regulation, some overly burdensome and others simply duplicative, and the frequency with which these rules change, make it difficult and in some cases impossible for credit unions to serve their members.  As member-owned, democratically-controlled, not-for-profit financial cooperatives, every dollar that a credit union spends on new regulation is money not used to the benefit of the membership; every minute that credit union staff spends on compliance is time not spent with credit union members.  We estimate that in 2014, more than $7 billion of credit union members’ resources went to complying with federal regulation.

The REINS Act would require that Congress approve any new major rule before it can be enforced, defining a “major rule” as any rule that the Administrator of the Office of Information and Regulatory Affairs (OIRA) within the Office of Management and Budget (OMB) finds may result in an annual effect on the economy of $100 million or more, a major increase in costs or prices for consumers, or significant adverse effects on competition, employment, investment, productivity or innovation.  While there is much more Congress needs to do in order to improve the regulatory environment for local, member-owned credit unions and their members, this legislation is a step in the right direction towards bringing balance to the regulatory environment.  We encourage Congress to enact this legislation.

On behalf of America’s credit unions and their more than 100 million members, thank you for considering our views.  We urge you to vote yes on the REINS Act.

Jim Nussle
President & CEO

About CUNA

Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit To find your nearest credit union, visit


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