WASHINGTON—Both the NCUA and CFPB have released their rulemaking agendas, but the fate of the latter’s plans are uncertain as President-elect Donald Trump prepares to take office in January with a new Republican-led Congress.
At NCUA, Trump will have the chance to name a new member to the NCUA board and name a new chairman. In addition, the term of current Board Chairman Rick Metsger, a Democratic appointee, is up this summer.
The bigger questions are around not just the CFPB, but the Dodd-Frank Act that created it. Trump has been critical of Dodd-Frank, and Republicans have long sought to either overturn it or significantly alter it. Moreover, the U.S. Court of Appeals for the D.C. Circuit has ruled that CFPB’s structure is unconstitutional because it is headed by a single director rather than a multi-member board.
NAFCU recently asked for an immediate moratorium at the Bureau on any rulemakings not already implemented.
Similarly, House Majority Leader Kevin McCarthy and Republican committee chairmen wrote all federal agencies last week asking that no new regulations move forward in the last few remaining months of President Barack Obama’s presidency.
With so much uncertainty, the regulators’ rulemaking agendas are subject to change, NAFCU said.
NCUA, in its rulemaking agenda, noted that it may finalize its fixed assets proposal soon and its asset securitization proposal early next year. The CFPB said its final rule on arbitration may be issued in early 2017 along with its Truth in Lending Act/Real Estate Settlement Procedures Act integrated mortgage disclosures rule, or TRID “fix.”