President Donald J. Trump intends to designate Comptroller of the Currency Joseph Otting as Acting Director of the Federal Housing Finance Agency. Mr. Otting will continue to carry out his duties as Comptroller of the Currency.
In a Report to the House Committee on Small Business, the Government Accountability Office found that changes in the regulatory environment had a modest impact on community banks and credit unions, despite limitations in the data collected by regulators.
The Government Accountability Office identified deficiencies in rule reviews conducted by U.S. financial regulators pursuant to the Regulatory Flexibility Act and the Economic Growth and Regulatory Paperwork Reduction Act.
President Trump tweeted that "fines and penalties against Wells Fargo Bank . . . will be pursued and, if anything, substantially increased" in connection with alleged improper mortgage lending practices.
In two executive memoranda, President Trump directed the Treasury Department to review the processes in place for the Financial Stability Oversight Council and the framework for the Orderly Liquidation Authority.
President Trump signed an Executive Order that directs the Office of Management and Budget Director to propose a "plan to reorganize the executive branch in order to improve the efficiency, effectiveness and accountability of agencies."