Leagues Urge Comments on Bureau’s ‘Inherited’ and ‘Adopted’ Rules

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The California and Nevada Credit Union Leagues encourage all credit unions to provide comment to the Bureau of Consumer Financial Protection on its Requests for Information (RFIs) regarding inherited rules and adopted rules.

The following are definitions of each:

  • “Inherited rules” are those rules the bureau inherited from other agencies and were transferred to the bureau in 2011. Comments are due June 25, 2018.
  • “Adopted rules” are rules issued by the bureau since the transfer date. This includes adopted amendments to inherited rules. Comments are due June 19, 2018.

This is your opportunity to provide input to the bureau on the content and substance of its existing rules that are unduly burdensome. Please comment on which rules should be amended to be better tailored for credit unions, correct unintended consequences, lessen the regulatory burden, and allow you to better serve your members and communities.

“Don’t get hung up on whether a rule is an inherited rule or an adopted rule,” said Sharon Turley, vice president of regulatory advocacy for the Leagues. “If it is a bureau-issued rule, and it should be modified, expanded, or eliminated, then please submit your comments under either of the RFIs.”

Comments should specify the rule at issue and include, in as much detail as possible, specific suggestions for potential updates or modifications and any supporting data or other information on the impacts and costs of the rule—as well as on the suggested changes.

Log in to PowerComment today, where you can review both requests for comments—inherited regulations and adopted regulations—and submit your comments directly to the bureau.

Get involved, let your voice be heard, and help fix the regulations!