AFSA 100 Day Tracker | Trump Issues EO Establishing Regulatory Reform Task Force

WHAT HAPPENED

On Friday, President Trump signed an Executive Order (E.O.) requiring every agency to establish a Regulatory Reform Task Force to eliminate red tape. Each task force will evaluate existing regulations and identify ones for repeal or modification, with a focus on eliminating costly and unnecessary regulations. Agencies will be expected to measure and report progress in achieving the President’s directives. Previously, President Trump had directed the Secretary of the Treasury to conduct a full review of the burdensome regulations required by the Dodd-Frank Act.

WHAT IT MEANS TO AFSA MEMBERS

It is unclear if the E.O. applies to independent agencies, such as the Consumer Financial Protection Bureau (CFPB) and the Federal Communications Commission (FCC). However, it definitely applies to the Department of Defense (DoD), which has jurisdiction over the Military Lending Act (MLA).

WHAT IS AFSA DOING

AFSA is writing a letter to the heads of the CFPB, FCC, and DoD to encourage them to evaluate the effect that their regulations have on the consumer finance industry. Specifically, AFSA will ask the CFPB to repeal certain bulletins, such as the 2012 bulletin on lending discrimination. AFSA plans to ask the FCC to review its Telephone Consumer Protection Act rulemakings. Lastly, AFSA intends on asking the DoD to modify its regulations implementing the MLA.