President Trump Signs Executive Orders for Full Review of Dodd-Frank
President Trump signed an executive order this morning ordering a full review of Dodd-Frank, which reshaped financial regulation after the 2008-09 financial crisis. Trump pledged during the campaign to repeal and replace the law, which also created the Consumer Financial Protection Bureau (CFPB). While the order will not have any immediate impact, it directs the Treasury secretary to consult with members of different regulatory agencies and the Financial Stability Oversight Council and report back on potential changes. That likely includes a review of the CFPB, which vastly expanded regulators' ability to police consumer products - from mortgages to credit cards to student loans.
Both CUNA and Leagues thank the administration for acknowledging the importance of tailoring regulations based on risk profile--a stark contrast from the misguided rulemaking of the CFPB, which has unduly harmed credit unions. One-size-fits-all regulations are simply not appropriate for credit unions and their members.
"We certainly view this as a positive step made by the new administration in helping credits unions and small business. As we prepare to head to Washington D.C. later this month, we will be encouraging participants visiting with our congressional delegation to support our newly elected president in the arena. We are excited to see many Louisiana participants on the CUNA GAC roster as our Hill visits could not have come at a better time," commented Connie Major, LCUL EVP of Corporate Affairs.