Congressional leaders echo CUNA’s call for rulemaking pause
Sen. Sherrod Brown (D-Ohio), ranking member of the Senate Banking Committee and Rep. Maxine Waters (D-Calif.), chair of the House Financial Services Committee, have echoed CUNA’s call for a pause in rulemakings from federal regulators unless they are designed to help them during the coronavirus (COVID-19) outbreak.
Such a moratorium was first on the list of suggestions in a letter CUNA sent to the administration this week outlining changes that could help credit unions better serve members affected by the COVID-19.
CUNA’s letter to the administration called on NCUA and the Consumer Financial Protection Bureau to “suspend all pending rulemakings - and not propose additional rulemakings – except those intended to reduce regulatory burden or to facilitate credit unions service to members during this crisis.”
Brown, in a letter to federal financial regulators, urged them to “implement an immediate moratorium on rulemakings not related to the virus response or other imminent health and safety concerns.” Waters made a similar suggestion in a memo to the House Financial Services Committee.