In the Media
Trump Mulls Big Changes to Banking Regulation, Unsettling the Industry
Read Time: 1 minMember Jim Sandy (Cleveland) was quoted in a Law.com Corporate Counsel article on President-elect Donald Trump’s potential radical changes to bank regulation, including the possible shuttering of the Federal Deposit Insurance Corp. and the Consumer Financial Protection Bureau. The article references Sandy’s recent alert on “Potential CFPB Changes in 2025.”
However, a report by Jim Sandy, an attorney with the New Orleans-based law firm McGlinchey Stafford, says that it’s likely a new CFPB director under the Trump’s administration will revoke or revise nonrulemaking guidelines issued by current director Rohit Chopra, such as policy statements and interpretive rules.
“Director Chopra has frequently relied on such guidance to shape the Bureau’s policies, often at the expense of the more formal and time-consuming notice-and-comment rulemaking process,” Sandy wrote in the report. “Such guidance only has power and force if the new Director supports it. For example, a new director will likely revise or rescind the circular warning against “deception” in contract fine print, among others.”