AFSA 100 Day Tracker | Trump Signs Executive Order to Start Dodd-Frank Revisions

WHAT HAPPENED

President Donald Trump today signed an executive order laying out his administration’s “core principles” for regulating the U.S. financial system. The seven core principles include, among others: to empower Americans to make independent financial decisions and informed choices in the marketplace; make regulation efficient, effective, and appropriately tailored; and restore public accountability within the Federal financial regulatory agencies and rationalize their regulatory framework.

The order also requires the Secretary of the Treasury to consult periodically with the heads of Financial Stability Oversight Council (FSOC) agencies (including the Consumer Financial Protection Bureau) on the extent to which existing laws, regulations, and guidance promote the administration’s views on financial regulation, as well as the actions being taken to promote and support them. The Treasury secretary must submit a report on regulatory and legislative recommendations within 120 days.

WHAT IS AFSA DOING

AFSA met with the staff of new House Financial Services Committee members this week on some of our priority issues, highlighting CFPB reform, modernization of the Telephone Consumer Protection Act (TCPA), and vehicle finance issues. AFSA also met with Senate Homeland Security and Government Affairs Committee staff to discuss the impact of the new administration on the Federal Communication Commission and CFPB, as well as the TCPA.

In addition, AFSA and other trades met with the Department of Defense’s Interagency Working Group on the Military Lending Act (MLA), expressing concerns with the regulation and guidance.

AFSA is also going to engage the Treasury Department with its concerns related to CFPB rules and guidance as well as the MLA.