Trade Groups Plan New Push For Reg Relief

WASHINGTON—NAFCU and CUNA are gearing up for an abbreviated legislative year, one in which both trade groups plan to pursue opportunities to reduce CU regulatory burden.

“It will be a relatively short year—the House is expected to be in session about 110 days and they will take unusually long August recess of about seven weeks,” said CUNA Chief Advocacy Officer Ryan Donovan. “However, this will be pretty important year from an election perspective and will be an active year from a regulatory perspective.”

NAFCU emphasized that in the short year in Washington the trade association will continue to advocate for legislation that would establish national data security standards holding retailers accountable for breaches on their end, as well as legislation introducing more transparency to the NCUA budget process.

“We will also continue our pursuit of regulatory changes at NCUA and statutory changes in Congress on field-of-membership and member business lending rules, both of which NCUA has addressed in new proposals,” said NAFCU President and CEO Dan Berger. “And we will hold the protection of credit unions’ tax-exempt status as our highest priority.”

This week only the House is in session and CUNA will be watching two bills: HR 712, the Sunshine for Regulatory Decrees and Settlements Act of 2015, and HR1155, the SCRUB Act of 2015. The SCRUB Act seeks to eliminate unnecessarily burdensome regulations. NAFCU stated that it will be following the SCRUB Act.

The Senate is back in session next week.

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