WASHINGTON–NCUA said it is “reviewing” an order issued by President Trump that freezes new and pending regulations. Among the rules the order could affect: NCUA’s proposed field of membership rules overhaul.
Late last week the Trump Administration issued a memorandum to all federal executive departments and agencies to freeze new or pending regulations until the administration has time to review them. For any regulations that have yet to be sent for publishing in the Federal Register, the memo asks the agency to not send any regulation to the Federal Register until reviewed by someone selected by the President.
For those that have been sent but not published, the White House ordered the regulations withdrawn. Regarding regulations that have been published but have not reached their effective date, the memo instructs those regulations to be delayed for 60 days for review – with a potential that a new notice for reopening the regulation could occur.
NCUA’s proposed rules on field of membership are currently out for comment through Feb. 8.
In response to the Trump administration freeze, NCUA spokesperson John Fairbanks said, “The agency is reviewing the language of the memorandum.”
Fairbanks said he was unable to say whether further comment would be forthcoming.
The Trump order is bittersweet for credit unions. While the rule affects NCUA, and potentially some new rules that could benefit CUs, it also affects the CFPB and freezes its rulemaking.