NCUA Responds to Federal Regulatory Freeze
Shortly after President Trump’s inauguration, the White House issued a freeze on new and pending regulations from executive agencies. The National Credit Union Administration has reviewed the cease on rulemaking, deciding the agency falls outside of its parameters.
Their comment can be read in full:
“NCUA has reviewed the January 20 memorandum from the White House Chief of Staff on a regulatory freeze and has determined that, as the agency is an independent federal financial regulator, it does not apply. NCUA will nonetheless adhere to its spirit.
“The memorandum instructs agencies to send no regulations to the Federal Register for publication ‘until a department or agency head appointed or designated by the President . . . reviews and approves the regulation.’ President Trump has designated J. Mark McWatters as Acting Chairman of the NCUA Board, and all pending NCUA regulations have been approved by unanimous vote of the agency Board.
“Since May 2016, all regulations approved by the NCUA Board have been required by statute or have provided federally insured credit unions with regulatory relief, such as the final field-of-membership rule, which was approved by the Board last October and becomes effective in February; the proposed field-of-membership rule, also approved by the Board last October; and the advance notice of proposed rulemaking on alternative capital, approved by the Board last month.
“By moving forward with these rulemakings, NCUA is working to decrease regulatory burdens.”
On Monday, January 30, President Trump signed an executive order to remove two regulations for each new one issued. In tandem with the order, Trump made specific mention of his administration targeting the Dodd-Frank Act.