Happy Valentine’s Day, Mr. President. Another Executive Order (EO) bites the dust. This time the EO issued for Reducing Regulations and Controlling Regulatory Costs.
According to a memorandum issued by the Office of Information and Regulatory Affairs’ acting Administrator, Dominic Mancini, the requirements outlined in Section 2 of the EO do not apply to all agencies. One agency that is excluded is the CFPB. Other excluded agencies include the Federal Reserve Board, OCC, FDIC, SEC and the NCUA.
What this means is that the CFPB may move forward with rulemaking under Dodd-Frank aimed at controlling and regulating the financial services industry. That may be both good and bad for lenders.
It means that with this OIRA memorandum, the CFPB may continue to move forward with the amendments to the TRID rules for updates and improvement that are needed to clarify certain aspects of the rules. The lending industry has worked hard to bring about many of these rules and believes will help both lenders and consumers. That may be good.
So, in this case, a negative may be a positive for lenders. The question now is: “What might the CFPB have in store for the implementation of new, or extended, financial institution regulations.” That may be bad.
Hopefully, it’s a nice card and a box of chocolates. Happy Valentine’s Day.