Pass the ‘SCRUB Act,’ NAFCU urges House

first_imgNAFCU Vice President of Legislative Affairs Brad Thaler urged the leaders of the House to approve H.R. 1155, the NAFCU-supported “Searching for and Cutting Regulations that are Unnecessarily Burdensome (SCRUB) Act.”The bill would establish a review process for regulations and identify those that should be repealed or amended to reduce unnecessary regulatory burdens throughout the government. The bill was introduced by Rep. Jason Smith, R-Mo.“The magnitude of the regulatory burden facing credit unions is immense and continuously growing,” Thaler wrote. “Many credit unions are struggling to keep pace with the compliance burden placed on them by multiple regulators, which is evident in the reduction of credit unions. The total number of credit unions has declined by 17% (more than 1,280 institutions) since the 2nd quarter of 2010; 96% were smaller institutions with assets of less than $100 million.”Thaler continued, “Credit unions are often forced to merge or simply shut their doors as a result of an inability to cope with regulatory burdens. While credit unions were not the cause of the financial crisis, they are still subject to the CFPB and many regulations intended for those that did.” continue reading » 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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