Gottheimer Bill Would Require 7-Year Review of Existing Financial Regulations

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-NJ).

“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.

“While we support this legislation, we acknowledge NCUA’s diligent regulatory review process and do not wish to see any legislation affect it,” the letter reads.

The NJCUL has met numerous times with Rep. Gottheimer both on Capitol Hill and in his district to discuss the need for responsible regulatory review and relief.