President Donald Trump signed an executive order Friday calling for, among other things, “efficient, effective and appropriately tailored” regulations. This is an objective of CUNA’s Campaign for Common-Sense Regulation, which seeks to relieve regulatory burdens, and CUNA President/CEO Jim Nussle praised the order.
“We appreciate the administration’s direction to ensure that regulations are appropriately tailored to target those harming consumers and to provide more consideration to the impact of these regulations on American consumers,” said CUNA President/CEO Jim Nussle. “The current one-size-fits-all style of regulation does not work for Main Street--local credit unions, small banks, and the consumers and small businesses they serve. We’re hopeful that the core principles spelled out today will help ensure community financial institutions and the millions of Americans that rely on them are able to operate in a more favorable environment.
“We stand willing to work with the administration and Congress to make appropriate changes to achieve these goals,” Nussle added.
In the order, Trump lays out core principles for the regulation of the United States financial system. In addition to the tailored regulations, these call for Americans to be empowered to make independent and informed financial choices, as well as to foster economic growth through more rigorous regulatory impact analysis.
The order also calls for the Secretary of the Treasury to consult with the heads of Financial Stability Oversight Council members (which includes the NCUA and the Consumer Financial Protection Bureau) within 120 days to determine the extent to which existing regulations and guidance promote the core principles.
This includes identification of regulations and guidance that inhibit federal regulation of the American financial system in a manner consistent with the core principles.