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Trump Deregulation Tracker

The Trump Administration is making historic changes to financial policy and our regulatory system. Our team is tracking these changes, by agency, below.

Date Action Agency Summary
2025-03-27 CFPB signals it will drop BNPL Interpretive Rule
CFPB

New CFPB leadership signals its intent to undo consumer protections and deregulate the financial industry, this time by signaling it intends to revoke prior CFPB rule clarifying that Buy-Now-Pay-Later loans are subject to the same types of consumer protections as other types of loans.

2025-03-25 SEC Settles Lawsuit Against Ripple
SEC

The SEC has agreed to settle its lawsuit against Ripple. The SEC has surrendered to the crypto industry.

2025-03-24 FDIC Removing Reputation Risk
FDIC

FDIC says that work is underway to “eradicate” reputation risk from regulations, guidance, and examination manuals.

Acting Chair Hill says the FDIC is removing references to reputation risk from examiner guidance, so that examiners can focus more on traditional risks (credit and market risk).

2025-03-21 CFPB rehires most fired employees after court order
CFPB

Federal court order forces CFPB leadership to rehire probationary employees it had earlier fired, undermining new CFPB leadership efforts to dismantle the agency.

2025-03-20 OCC removes reputation risk from examiner handbooks and guidance
OCC

The OCC removed references to reputation risk from examiner guidance. This limits the ability of bank supervisors to do their jobs and exposes the banking system to unidentified risk.

2025-03-20 Statement on Certain Proof-of-Work Mining Activities
SEC

The SEC issued guidance stating its view that crypto mining activities generally do not involve the offer or sale of securities. The guidance carves out crypto mining activities from the securities laws.

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