Source: https://compliance.docutech.com/2017/03/01/regulatory-reform-agenda-and-trid-what-does-president-trumps-new-executive-order-mean-for-trid/
Timestamp: 2019-04-22 16:56:21+00:00

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These purposes beg the question: What affect will these executive orders have on TRID and other regulations issued by the CFPB (assuming the CFPB will continue to exist in the future, pending the outcome of Congressional and Judicial decisions)? Will the CFPB be able to issue new regulations without eliminating other ones? If not, what regulations are likely to be eliminated?
Executive Order 13771 specifically states that, “unless prohibited by law”, any executive department or agency shall, when it proposes a new regulation, identify at least two existing regulations for repeal during Fiscal Year 2017 (see Exec. Order 13771, § 2[a]). In addition, “any new incremental costs associated with new regulations shall, to the extent permitted by law, be offset by the elimination of existing costs associated with at least two prior regulations.” (Ibid. § 2[c]; emphasis added) The Director of the Office of Management and Budget (currently John Michael Mulvaney) is authorized to issue guidance as to how these goals are to be met (see Ibid. § 2[d]). A similar procedure is to be done in subsequent fiscal years (see Ibid. § 3[a]).
Despite these broad goals of reducing regulations, Sections 4 and 5 limit the types of regulations this Order applies to. Section 4 defines “Regulation” or “rule” and exempts certain regulations, including “any other category of regulations exempted by the Director.” (Ibid. § 4[c]). Section 5 explicitly states that “nothing in this order shall be construed to impair or otherwise affect: (i) the authority granted by law to an executive department or agency, or the head thereof” (Ibid. § 5[a]).
The termination of “programs and activities” that derive from obsolete directives (see § 2[a]).
For most Cabinet-level Departments, at least three senior agency officials (appointed by the agency head; see § 3[a]).
Derive from or implement Executive Orders or other Presidential directives that have been subsequently rescinded or substantially modified.
The interim guidance from the Office of Information and Regulatory Affairs indicates that “significant regulatory actions of independent agencies” are not affected. Currently, this would include the CFPB and TRID is certainly one of the most significant regulatory actions taken by the Bureau during its existence.
TRID is found to be ineffective (again, a subjective measure).
In regards to the pending, proposed amendments to TRID (81 FR 54318 ), it is also unlikely that the finalization of these amendments will be affected – but time will tell. If the CFPB finalizes them during a timeframe where they are still considered an independent agency (i.e. while its structural status is still being determined by Federal Courts), then according to OIRA, they will not be affected.
All things considered, it is dubious that TRID and pending amendments to it will be affected by these Executive Orders at the current time. However, they could be modified or eliminated in the future, dependent upon how the Courts ultimately determine that the CFPB is structured and what Acts of Congress are passed into law.

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