In sweeping move, Trump puts regulation monitors in U.S. agencies

Editor’s Note: Cross-posted from OIRA Watch. The Trump Administration can fully enforce its regulatory reform agenda—and seal its legacy—by announcing that the Data Quality Act is judicially reviewable. The DQA is the crucial enforcing mechanism in the President’s Executive Order on Enforcing the Regulatory Reform Agenda.  See, Sec. 3(d)(v).

From: Reuters

By David Shepardson and Steve Holland

President Donald Trump signed an executive order on Friday to place “regulatory reform” task forces and officers within federal agencies in what may be the most far reaching effort to pare back U.S. red tape in recent decades.


Lawmakers hear cannabis banking report

Editor’s Note: The following is an example of how federal regulatory guidance documents increase workplace hazards by forcing businesses to deal with “high volumes of cash.”

From: The Bulletin

By Joseph Ditzler

The Oregon Department of Revenue expects little change in the near future to federal regulations that effectively block legal marijuana businesses from receiving banking services.


Although banks engaging in financial transactions with marijuana companies is technically illegal under federal law, the U.S. departments of Treasury and Justice laid out guidelines for states in which marijuana is legal that would allow banks to provide services. However, absent a solid guarantee they won’t be prosecuted for money laundering and other liabilities, banks typically decline cannabis-related business.

Trump’s call to ‘rationalize’ federal financial regulation could threaten U.S. dual banking system

From: JDSupra Business Advisor

by Gregory OmerThompson Coburn LLP

Banks Can’t Wait to Wipe This Complaints Database

Editor’s Note: The federal databases are subject to the Data Quality Act. It is unlawful for the federal government disseminate inaccurate data. See, The CFPB’s Consumer Complaint Database and the Data Quality Act. Also see the Proposed Recommendation to ACUS on Consumer Complaint Databases, here.

From: Bloomberg

A seemingly benign catalogue of consumer complaints is one of banks’ biggest gripes. Trump can fix that for them.


Presidential Executive Order on Core Principles for Regulating the United States Financial System

From: The White House


Sec. 2. Directive to the Secretary of the Treasury. The Secretary of the Treasury shall consult with the heads of the member agencies of the Financial Stability Oversight Council and shall report to the President within 120 days of the date of this order (and periodically thereafter) on the extent to which existing laws, treaties, regulations, guidance, reporting and recordkeeping requirements, and other Government policies promote the Core Principles and what actions have been taken, and are currently being taken, to promote and support the Core Principles. That report, and all subsequent reports, shall identify any laws, treaties, regulations, guidance, reporting and recordkeeping requirements, and other Government policies that inhibit Federal regulation of the United States financial system in a manner consistent with the Core Principles.