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Thursday, June 28, 2012

NAFCU Requests Regulatory Relief

The National Association of Federal Credit Unions (NAFCU) President and CEO Fred Becker wrote to Treasury Secretary Tim Geithner to establish within the Financial Stability Oversight Council (FSOC) “robust interagency coordination” on the issuance of rules affecting financial institutions and to "rein in a regulatory process that has become increasingly onerous."
As we have approached each agency regarding the ever-increasing regulatory burden, they quickly respond that the rules being issued by other agencies are outside of their purview. NAFCU believes the FSOC is well-positioned to rectify this lack of coordination. In that regard, we ask that you establish within the FSOC robust inter-agency coordination on the issuance of rules impacting financial institutions.
Becker also urged the FSOC to require member agencies to conduct and publish a thorough cost/benefit analysis before issuing new rules and to repeat these analyses one year following implementation and every two years after that.

Read the NAFCU press release.




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