New Regulatory Review Act Would Help Consumers and Industry

ACA International CEO Mark Neeb outlines benefits of new proposed bill to increase frequency of regulatory review by federal agencies, including the Consumer Financial Protection Bureau.

7/2/2019 8:00 AM

New Regulatory Review Act Would Help Consumers and Industry

ACA International is supporting legislation to expand review of financial regulatory requirements by federal agencies.

U.S. Reps. Barry Loudermilk, R-Ga., and Josh Gottheimer, D-N.J., both members of the House Financial Services Committee, reintroduced the Comprehensive Regulatory Review Act (H.R. 3198) as a proposal to move the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) regulatory reviews to a seven-year cycle from a 10-year cycle and expand EGRPRA to include all Federal Financial Institutions Examination Council member agencies by adding the Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration to EGRPRA.

“ACA supports these objectives and this legislation because it is pertinent that regulations are reviewed periodically to ensure they account for new technologies and have not become out of date, or burdensome,” CEO Mark Neeb said in a letter to Loudermilk and Gottheimer.

H.R. 3198 also proposes to require the federal agencies agencies to tailor regulations that they find to be outdated, unnecessary, or unduly burdensome instead of only producing a report, according to a news release from Loudermilk’s office.

“We believe a more frequent review of regulations as proposed in the legislation through EGRPRA would benefit both consumers and industry,” Neeb said in the letter, noting The Fair Debt Collection Practices Act has not kept up with how commerce is operating today.

The House and Senate are currently in recess until after the Fourth of July holiday. H.R. 3198 was introduced on June 11 and referred to the House Financial Services Committee.

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