Pryor Cashman Partner Jeffrey Alberts spoke with Paybefore for a recent article examining the regulatory reforms undertaken by President Trump in his first 100 days in office, and what might come next for the payments and financial services industries.
"President Trump began the first 100 days by moving away from his populist attacks on banks and other financial institutions and instead emphasized reducing regulations that apply to these institutions," Alberts said.
"However, while it initially seemed possible that Trump would seek to repeal or dramatically alter Dodd-Frank, it now seems likely that the core framework of Dodd-Frank will remain. Similarly, rather than launch an immediate attack on CFPB Director Richard Cordray, the Trump administration appears to be waiting, possibly to see whether Cordray voluntarily resigns to run for governor of Ohio."
"Overall, the theme of the first 100 days has been a movement toward moderation," he said, adding, "President Trump has moderated his rhetoric concerning financial services and seems to have recognized that this is not an easy area in which to get dramatic wins. Unwinding financial regulation is complicated and generally requires buy-in from Congress, which takes time to achieve. Trump appears to lack an appetite to wade into the quagmire of financial regulatory battles, so I do not expect him to increase the attention he devotes to financial services over the next few months."
To read the full Paybefore article, please click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.