Along with the Republican-controlled Congress, the early days of the Trump Administration have been focused on issues outside of the financial services industry, including immigration, trade, healthcare, and taxes. Nonetheless, through a variety of presidential actions, revised regulatory agendas, and proposed legislation they have begun, on multiple fronts, to carry out a policy of burden reduction for financial services firms consistent with earlier campaign promises. Developments in this area have begun to occur frequently, seemingly on a daily basis. This Client Alert briefly outlines the more significant steps taken by the Trump Administration and Congress since late January.
Although there is momentum toward change, the ultimate details of scale, scope, and timing remain uncertain. The current lull in the pace of new regulation and the potential for a reduction in regulatory demands create opportunity for firms to invest time and resources into strengthening their operations and implementing technology solutions with an eye toward reducing compliance costs, improving customer service, enhancing conduct and culture, increasing cybersecurity and privacy protections, and focusing on known supervisory priorities. Please let us know if there is any way we might provide assistance.