President Issues Executive Order on Enforcing the Regulatory Reform Agenda

On February 24, 2017, the president issued an Executive Order that requires federal agencies (with limited exceptions) to create task forces with the purpose of eliminating “unnecessary regulatory burdens.” Although the Executive Order has a broad application, it is not clear at this time whether it applies to the Consumer Financial Protection Bureau.

The task forces must attempt to identify regulations that: (1) eliminate jobs or inhibit job creation, (2) are outdated, unnecessary or ineffective, (3) impose costs that exceed benefits, (4) create a serious inconsistency or interfere with regulatory reform initiatives, (5) rely on information that is not publicly available or is insufficiently transparent, or (6) were implemented under Executive Orders that have been subsequently rescinded or modified.

The task force must provide a report to the agency head detailing the agency’s process in: (1) improving implementation of regulatory reform initiatives, and (2) identifying regulations for repeal, replacement or modification.