Pres. Trump signed an executive order that will require every agency to establish a task force to eliminate unnecessary regulations. He also proposed a new budget that would change the funding structure for the CFPB. Both actions have a significant impact on the real estate and lending industries.
Unfortunately, not all of this may turn out to be good news. Many believe our industry has been overregulated since the Great Recession. Consumer protection and regulations are great and were sorely needed, but we may have gone overboard when it came to lending. The President knows that and wants to help deregulate the industry.
The executive order “will ensure that every agency has a team of dedicated people to research all regulations that are unnecessary, burdensome and harmful to the economy, and harmful to the creation of jobs and business.” This comes with a tough challenge that states that two federal regulations should be eliminated for every new rule implemented, and that every regulation should have to pass a simple test: Does it make life better or safer for American workers or consumers? The President said if the answer is no, we will be getting rid of this rule, and getting rid of it quickly.
Deregulation may be needed but, as we all know, there are consequences for everything. Get both sides of the story in this episode of the Resource TV.