Friday, March 20, 2020

Sen. Brown Calls on Financial Regulators to Cease Non-Coronavirus Rulemaking

U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – on March 17 sent letters to the Department of Housing and Urban Development (HUD) and independent financial regulators, including the National Credit Union Administration (NCUA), demanding that they suspend all rulemaking that could impede the federal response to the COVID-19 pandemic.

In a letter to NCUA, Senator Brown wrote: “The NCUA should focus its resources on providing reliable guidance and responding to the health and economic effects of this crisis rather than processing other rulemakings. During this period, all rulemaking and comment periods closing after March 1, 2020 that are not related to the virus response...should be suspended or extended for at least 45 days.”

There are two rulemakings scheduled to close after March 1 -- the Business Combination proposed rule on March 30 and Subordinated Debt rulemaking on July 8.

Read the letter to National Credit Union Administration.
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