President Donald Trump Wednesday signed an executive order requiring federal regulatory agencies seek comment on major federal guidance and better explain the guidance to the public.

“Today’s executive order is a strong step toward reining in regulator overreach,” said CUNA President/CEO Jim Nussle. “In recent years, we have seen federal agencies try to exceed their statutory authority and skirt their obligations under the Administrative Procedures Act by issuing guidance in lieu of new regulation.  This practice runs counter to our nation’s democratic principles, and we appreciate the President’s line in the sand on the matter. As America’s trusted partner for member-driven financial services, we look forward to this moment serving as a springboard toward ensuring the rulemaking process is a more democratic, input-driven process, leading to thoughtful, informed regulations that protect consumers and advance our country.”