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President Donald Trump, in an executive order signed Friday, directed each federal agency to establish a regulatory reform task force to research all regulations in an effort to repeal or simplify those deemed most burdensome to the U.S. economy.

Each task force will be required to make their recommendations as to which regulations can be simplified or repealed.

This executive order likely does not directly apply to the NCUA or CFPB since they are independent agencies, but they could opt to comply. NCUA Acting Chairman J. Mark McWatters said Friday that he already has plans to perform a "full regulatory review" with the goal of streamlining NCUA rules and eliminating unnecessary red tape.

The executive order comes after another signed by Trump last month that requires government agencies to cut two existing regulations for every new rule put forth. This order is currently the target of a lawsuit by the Natural Resources Defense Council, Public Citizen and the Communications Workers of America because they say it is unconstitutional.