The White House is instructing federal banking regulators and other independent agencies to submit guidance and proposed rules to the Office of Information and Regulatory Affairs (OIRA) to determine whether it is “major” and will require congressional approval.
“One of NAFCU’s key tenets is to support a strong independent NCUA,” said NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt. “While currently, the NCUA submits the majority of its rules and regulations to the Office of Management and Budget for an information collection review prior to implementation, the procedures outlined in the memorandum go further than that. NAFCU shares the goal of the White House to avoid runaway regulation, but wants to ensure that the NCUA can maintain its independence as well.”
As an independent agency, the NCUA has traditionally taken the position it does not have to follow White House directives but often voluntarily chooses to do so.
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