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The inauguration of Donald Trump on Friday has people wondering what actions he will take this weekend and next week that will set the tone for how the new administration will handle its promise to rollback deregulation, particularly in the financial sector. 

The Senate confirmation hearing on Thursday for Treasury Secretary nominee and former Goldman Sachs (GS) - Get Free Report executive Steve Mnuchin was "a bit of a throwback," said TheStreet's Jim Cramer on CNBC's "Squawk on the Street" on Friday morning. 

In other words, the hearing seemed to show that the new administration did not plan to "upend the entire edifice" that was created after Mnuchin's IndyMac ordeal, Cramer explained. IndyMac is a bank Mnuchin purchased as part of an investment group in 2009 for $1.55 billion and made a fortune off after renaming it OneWest and selling it for more than twice the purchase amount in 2015. 

Mnuchin seemed to think a lot of the regulations put in place after IndyMac are "important," Cramer claimed. After listening to Mnuchin, people realized, "It's going to be passive deregulation, not dismantled," Cramer explained. 

"Dismantle vs. deregulate" will be a key question in Trump's first 100 days in office, Cramer continued. "The dismantle would be a little radical. The deregulation is what people are hoping for."

The hearing helped people "come to grips" with the fact that "you're not going to get the government off the backs of the banks," Cramer continued. Instead, the sector will most likely see "more transparency and more leniency." 

As people come to realize that "unfettered lending" for banks is not "part of the narrative" under Trump, banks have stalled a bit recently, Cramer noted. "I think that there were people three months ago who felt it was [part of the narrative]."