Trump reg freeze, NCUA news eyed in blog

The “regulatory freeze” memo issued by the Trump administration and recent news from the NCUA are detailed today by NAFCU Regulatory Affairs Counsel Ann Kossochev in a Compliance Blog post.

Kossachev noted potential regulatory changes may be on the horizon given the memo from the Trump administration to heads of executive departments and agencies about a “regulatory freeze pending review.” She explained that the past three presidents have issued similar freeze memos.

NCUA, an independent agency, is not addressed in that memo. However, Kossachev said whether the freeze applies to the CFPB “hinges on whether the Trump administration still considers the CFPB an independent agency in light of the D.C. Circuit’s recent decision in PHH Corp. v. CFPB.” She was referring to the ruling in October by a three-judge panel that the bureau’s single-director structure is unconstitutional.

The CFPB has not commented on the regulatory freeze, and it is not clear how the administration will react to any further CFPB rulemaking. NAFCU will be monitoring the situation closely.

 

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