It’s confirmed: CFPB doesn’t need to follow Trump’s executive order on regulations

The Office of Information and Regulatory Affairs finally put to rest questions around the requirements of independent agencies under President Donald Trump’s recent presidential memorandum and executive order.

The uncertainty surrounded the impact of the EO on the future of regulations across all industries.

Dominic Mancini, acting administrator of the OIRA, put out a memorandum giving interim guidance on implementing Trump’s executive order on Jan. 30 titled “Reducing Regulation and Controlling Regulatory Costs.”

The memorandum, which gives a list of questions and answers, includes the question, “Do Section 2’s requirements apply to significant regulatory actions of independent agencies?”

The short answer: no.

From the memorandum:

No, the requirements of Section 2 apply only to those agencies required to submit significant regulatory actions to OIRA for review under EO 12866. Nevertheless, we encourage independent regulatory agencies to identify existing regulations that, if repealed or revised, would achieve cost savings that would fully offset the costs of new significant regulatory actions.

Read on.

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