Trump nominee to head OMB could create hurdles for CFPB regulations

From: Ballard Spahr

It has been reported that President-elect Donald Trump has nominated South Carolina Republican Congressman Mick Mulvaney to be Director of the Office of Management and Budget (OMB).  Mr. Mulvaney has been described as a “staunch deficit hawk” and his nomination is viewed as sending a signal that federal regulations are likely to face tough scrutiny in a Trump administration.

Although the CFPB is currently not required to submit its regulations to OMB for review, that could change as a result of the D.C. Circuit’s PHH decision.  As we previously reported, one of the decision’s potential impacts is that the CFPB would be considered an “executive agency” subject to the regulatory review process of the Office of Information and Regulatory Affairs (OIRA) within OMB.   Pursuant to Executive Order 12866, federal agencies, other than those defined as an “independent regulatory agency” by 44 U.S.C. Sec. 3502(5), must submit proposed and final regulations constituting a “significant regulatory action” to OIRA for review prior to publication in the Federal Register.

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