Trump Administration Releases Fall 2018 Regulatory Relief Agenda

The Trump administration Wednesday released its fall 2018 agenda for regulatory and deregulatory actions. Over the past two years, federal agencies have issued 176 deregulatory actions that have contributed to some $33 billion regulatory compliance savings.

The National Credit Union Administration and the Bureau of Consumer Financial Protection (BCFP) released their fall rule-making agendas on Wednesday as well.

President Trump has made regulatory relief a priority. In May his signed into law the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), the most comprehensive financial services regulatory relief package since the Dodd-Frank Act was enacted.

Of note in the various agencies' and departments' plans:

  • NCUA's fall rule agenda includes issues the agency is already pursuing, including PALs (final rule expected in December), real estate appraisals, Federal Credit Union bylaws and loans to members. The agency is also expected to issue a proposed rule on alternative capital and a final rule related to private flood insurance in the coming months.
  • BCFP’s fall rule-making agenda indicates the Bureau will issue a proposed rule in early 2019 to address concerns with its 2017 payday lending rule. As NCUA looks to expand its payday alternative loans (PALs) program, CUNA has recommended the Bureau provide a safe harbor to all credit unions' PAL products. With the enactment of S.2155, the Bureau also plans to issue a rule to adjust collection and reporting thresholds under the Home Mortgage Disclosure Act (HMDA) and will pursue clarification on provisions that might not require a rule-making for implementation. In addition, the Bureau plans to issue a rule related to debt collection practices in March 2019, and it will also assess the TILA/RESPA integrated disclosure (TRID) rule.
  • The Federal Trade Commission (FTC) will continue to fight against illegal robocalls by coordinating with the Federal Communications Commission (FCC) and other stakeholders. CUNA and the state leagues have engaged with both agencies to secure more clarity and flexibility under the Telephone Consumer Protection Act (TCPA) so that credit unions can contact their members without fear of breaking the law. The FTC this fall will also consider a recommendation to its Safeguards Rule, which implements high level security concepts contained in the Gramm-Leach-Bliley Act. The rule has yet to be updated to address the growing involvement of nonbank financial companies in the financial services marketplace; CUNA and the state leagues have been pressing Congress to enact legislation to subject retailers to the same data security standards required of credit unions and other card issuers under Graham-Leach-Bliley and hold them financially accountable for any breaches on their part. The NJCUL is also actively pushing for passage of state legislation that would limit the information retailers may retain after a sale has been completed, allow card issuers to tell their cardholders what entity was responsible for a breach, and hold that entity responsible for the cost of replacing cards as well as any associated fraud losses.  
  • The Department of Labor (DOL) plans to issue in March 2019 a proposed rule to revise its 2016 overtime pay rule. Last year, the DOL sought public input on the rule after it was invalidated by a federal judge.
  • The Small Business Administration (SBA) plans to expand access to capital through its lending network, support veterans and military families looking to start or expand their businesses. SBA will also work to implement the Small Business 7(a) Lending Oversight Reform Act. Many credit unions use SBA programs, including the 7(a)-loan program, to provide loans to small businesses and entrepreneurs in their communities.

CUNA and the state leagues will continue to work with Congress, the Trump administration and agency officials to ensure credit unions' regulatory relief priorities are considered as federal agencies pursue efforts to reduce regulatory burdens.