On the first day of President Trump’s term, a regulatory freeze was issued affecting government agencies, including the Department of Housing and Urban Development. On Monday, January 30, the Trump Administration went one step further, issuing an executive order that requires agencies to rescind two regulations for every one new regulation implemented. The Executive Order also requires that the cost of any new regulation must be offset by the rescinded regulations.
The freeze pertains to any proposed regulations, which must now receive approval from a Trump-appointed department or agency head. Furthermore, for regulations already published in the Federal Register but not yet in effect, the freeze temporarily postpones implementation for 60 days.
The final HECM rule published by FHA on January 19 has an effective date of September 19, 2017, but it is now unclear at this point if the new administration’s regulatory freeze memorandum will act to defer or delay it. Further updates will be provided as we learn more.