WASHINGTON (1/13/15)--The Credit Union National Association, along with several dozen trade organizations, has sent a letter to the House urging passage of the Regulatory Accountability Act of 2015 (H.R. 185).

The bill would modernize the Administrative Procedure Act, which governs how federal agencies such as the National Credit Union Administration and Consumer Financial Protection Bureau (CFPB) create regulations.

"Our members believe that regulations need to be narrowly tailored, supported by strong and credible data and evidence and impose the lowest possible burden while still implementing Congressional intent," the letter reads. "When agencies produce regulations that do not reflect these ideals, better mechanisms to hold them accountable are needed."

The bill, introduced by Rep. Bob Goodlatte (R-Va.), would:

• Increase public participation in shaping the most costly regulations before they are proposed;
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• Require that agencies choose the least costly option, unless it can be demonstrated that public health, safety or welfare requires a more costly requirement;
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• Give interested parties the opportunity to hold agencies accountable for their compliance with the Information Quality Act;
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• Provide for on-the-record administrative hearings for the most costly regulations to ensure all agency data is tested and reviewed;
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• Restrict agencies' use of interim final regulations where no comments are taken before a regulation takes effect and provides for expedited judicial review of whether that approach is justified; and
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• Provide for a more rigorous test in legal challenges for those regulations that would have the most impact.

"The Regulatory Accountability Act of 2015 builds on established principles of fair regulatory process and review that have been embodied in bipartisan executive orders dating to at least the Clinton Administration," the letter reads. "These principles would make the regulatory process more transparent, agencies more accountable and regulations more cost-effective."

The letter goes on to say that the bill would not affect the vast majority of new regulations that aren't considered high-impact.

See the video below for CUNA Chief Advocacy Officer Ryan Donovan's update on what to expect from Congress this week.