President Donald Trump signed an executive order Friday that sets “core principles” for U.S. financial regulation while directing the Treasury secretary to meet with members of the Financial Stability Oversight Council on ways to ease regulatory burden under the Dodd-Frank Act.
NAFCU President and CEO Dan Berger said NAFCU welcomes the president’s focus on potential regulatory relief. “We welcome regulators taking a hard look at the Dodd-Frank Act for ways to lift current burdens,” said Berger, “but we will also continue to press the CFPB to use the authority it has now to exempt credit unions from regulations that were created to address abuses in which credit unions did not engage.
“Ultimately, we look forward to the administration, Congress and the regulators working together to reduce regulatory burden,” he said. “We will continue to advocate for credit unions’ best interests as this review moves forward.”continue reading »