The U.S. House passed the CUNA-supported Regulations from the Executive in Need of Scrutiny (REINS) Act 237-187 Thursday night. CUNA wrote to House members this week urging their support of the act.
"Passing this bill is a step in the right direction toward a more balanced regulatory environment that will allow credit unions to focus more resources on serving their members," said Jim Nussle, president/CEO of CUNA. "We look forward to working with Congress on legislation that puts credit unions in the best possible operating environment to best serve their members and communities."
The bill would require that Congress approve any new major rule before it can be enforced. “Major rule” is defined as any rule that Office of Management and Budget 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.
Rep. Steve King (R-Iowa) successfully added an amendment to the bill that would allow for a retrospective review of all rules currently in effect, including several that CUNA has expressed concerns with.
Those rules include the Department of Labor's overtime and fiduciary rules, all Dodd-Frank regulations and net neutrality legislation.
With the new Congress taking office this week, CUNA and the state credit union leagues have launched a campaign to marshal the full resources of the credit union industry around the fight to erase excessive regulations on credit unions
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