Will the Trump Administration Disrupt the 2017 Payments Landscape? What Credit Unions Need to Know
In February 2017, President Trump unveiled the broad outline of his policies aimed at reforming the financial system and easing the regulatory environment with the issuance of his Presidential Executive Order on Core Principles for Regulating the United States Financial System.
The order’s seven Core Principles call for numerous changes to Dodd-Frank, including repeal of the Durbin Amendment and Volker Rule, as well as the restructuring of the Consumer Financial Protection Bureau (CFPB) leadership into a multi-member, bipartisan commission.
Advisors Plus expects 2017 to be an active year for Congress, with the House likely to act on a modified version of Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act. And with credit union regulatory compliance costs having risen by 64 percent between 2010 and 2014, look for lawmakers to seek ways to strike a better balance between managing risks to the system and easing the levels of oversight currently required of the industry.