CUNA supports President’s executive order regarding regulatory agencies

The Credit Union National Association (CUNA) is supporting President Donald Trump’s recent issuance of an executive order requiring regulatory agencies to seek comment on federal guidance and enhance its public communication.© Shutterstock “Americans deserve an open and fair regulatory process that imposes new obligations on the public only when consistent with applicable law and after […]

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The Credit Union National Association (CUNA) is supporting President Donald Trump’s recent issuance of an executive order requiring regulatory agencies to seek comment on federal guidance and enhance its public communication.

© Shutterstock

“Americans deserve an open and fair regulatory process that imposes new obligations on the public only when consistent with applicable law and after an agency follows appropriate procedures,” Trump wrote. “Therefore, it is the policy of the executive branch, to the extent consistent with applicable law, to require that agencies treat guidance documents as non-binding both in law and in practice, except as incorporated into a contract, take public input into account when appropriate in formulating guidance documents, and make guidance documents readily available to the public.”

CUNA President/CEO Jim Nussle said the executive order is a step toward addressing what he called regulatory overreach.

“In recent years, we have seen federal agencies try to exceed their statutory authority and skirt their obligations under the Administrative Procedures Act by issuing guidance in lieu of new regulation,” Nussle said. “This practice runs counter to our nation’s democratic principles, and we appreciate the President’s line in the sand on the matter. As America’s trusted partner for member-driven financial services, we look forward to this moment serving as a springboard toward ensuring the rulemaking process is a more democratic, input-driven process, leading to thoughtful, informed regulations that protect consumers and advance our country.”

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