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President Donald Trump this week reiterated his campaign promises to revamp the Dodd-Frank Act and cut down on unnecessary financial regulation.

Trump told a group of business executives on Tuesday that his administration will "eliminate wasteful regulations," according to Reuters.

Last week, Trump said he plans to nominate Neomi Rao to run the Office of Management and Budget's Office of Information and Regulatory Affairs, which deals with regulations across the government. Rao is currently a law professor at George Mason University's Antonin Scalia Law School and previously served as White House counsel under President George W. Bush and as an aide on the Senate Judiciary Committee.

Observers noted that Rao's selection would underline the administration's focus on comprehensive regulatory reform. Rao has written on the topic of presidential authority over independent agencies, which she has said includes the ability to remove a member of an independent agency board at will.

"Now is the time for credit union representatives to contact their lawmakers about the importance of meaningful regulatory relief for the industry," said NAFCU President and CEO Dan Berger. "This week, during the congressional recess, credit unions should reach out to visiting lawmakers and make sure they know about how overregulation hurts their members."

NAFCU members can find out more about how to contact lawmakers through the association's Grassroots Action Center.

In February, Trump signed executive orders directing federal agencies to establish regulatory reform task forces and directing the Treasury Department to meet with members of the Financial Stability Oversight Council to discuss ways to ease the regulatory burden under the Dodd-Frank Act.

Another Trump administration executive order in January directed government agencies to cut two existing regulations for every new rule put forth.