ICBA urges CFPB to halt informal regulatory actions

In light of President Donald Trump’s Jan. 20 executive order freezing new rulemaking activity, ICBA urged the Consumer Financial Protection Bureau to stop issuing new informal regulatory actions.

Details: In a letter to CFPB Director Rohit Chopra, ICBA President and CEO Rebeca Romero Rainey said the CFPB should:

• Cease issuing new guidance documents, supervisory highlights, and advisory opinions, noting that informal actions by the CFPB often carry regulatory weight without undergoing the robust review and public comment processes of formal rulemaking.

• Ensure compliance with the executive order by reviewing and potentially revising existing practices.

Background: Details: The executive order creates three directives for agencies:

• Do not propose new rules.

• Withdraw rules that have yet to be published in the Federal Register.

• Consider postponing by 60 days any rules that are not yet effective.

ICBA View: ICBA last week thanked Trump for issuing the executive order. In a national news release, Romero Rainey said pausing new regulations will provide the administration time to recalibrate the regulatory environment.