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Administrative Procedure Act Biden Administration Consumer Financial Protection Bureau (CFPB)

Perkins Coie

The Slow Death of the CFPB Open Banking Rule?

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On May 30, 2025, the Consumer Financial Protection Bureau (CFPB) stated in a court filing that its “Open Banking Rule” (Rule) issued during the Biden administration “is unlawful and should be set aside.” This shift is part of...more

Holland & Knight LLP

CFPB Seeks to Vacate the Open Banking Rule

Holland & Knight LLP on

The CFPB has requested that a federal district court vacate the Biden-era Open Banking Rule (Rule) in a motion for summary judgment filed on May 30, 2025. The CFPB had previously submitted a status report to the U.S. District...more

Holland & Knight LLP

CFPB to Conduct Comprehensive Review of Previously Issued Guidance Documents

Holland & Knight LLP on

The CFPB will begin the process of discontinuing regulatory "guidance" and instead enforce the Administrative Procedure Act's rulemaking process. In a pair of internal memos circulated to all divisions and offices within the...more

Ballard Spahr LLP

CFPB plans to revoke BNPL interpretive rule

Ballard Spahr LLP on

The CFPB intends to revoke its Buy Now, Pay Later interpretive rule, according to a status report and joint motion to stay filed by the Bureau and the Financial Technology Association (FTA) in a case brought by the FTA...more

Ballard Spahr LLP

President Biden Vetoes Congressional Override of CFPB Section 1071 Small Business Lending Rule

Ballard Spahr LLP on

As previously reported, the U.S. House of Representatives, by a vote of 221-202, voted under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule (1071 Rule), and the U.S. Senate,...more

Ballard Spahr LLP

House votes to override CFPB small Business lending rule

Ballard Spahr LLP on

Last week, by a vote of 221-202, the House of Representatives voted to approve S.J. 32, the resolution introduced under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule (1071...more

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