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Consumer Financial Protection Bureau (CFPB) Rulemaking Process Regulatory Reform

Ballard Spahr LLP

Reversing course, CFPB says it will issue revised open banking rule

Ballard Spahr LLP on

In a surprise announcement, the CFPB has said it will issue a revised Section 1033 open banking rule rather than simply killing the Biden Administration rule....more

Sheppard Mullin Richter & Hampton LLP

In a Surprising Switch, CFPB Now Seeks to Rewrite Open Banking Rule

On July 29, the U.S. District Court for the Eastern District of Kentucky granted the CFPB’s request to stay litigation challenging its open banking rule. The rule (previously discussed here) aimed to establish industry-wide...more

Holland & Knight LLP

CFPB Budget Cuts Blocked by Senate Parliamentarian

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Senate Parliamentarian Elizabeth MacDonough ruled that the Trump Administration and congressional Republicans cannot use the pending budget reconciliation bill to eliminate funding to the CFPB in a June 23, 2025,...more

Orrick, Herrington & Sutcliffe LLP

CFPB rescinds procedural rule on rulemaking

On June 18, the CFPB published a final rule in the Federal Register rescinding a previous rule that specified how the agency issues rules and when those rules are considered issued. Effective June 18, the final rule rescinds...more

Morrison & Foerster LLP

A Hard Reset on 1033?: A Look at What’s Next for Open Banking

The financial services industry generally, and data aggregators specifically, have watched intently as the Trump administration has altered the course of the Consumer Financial Protection Bureau (CFPB or “Bureau”), in an...more

Goodwin

Busy Month for CFPB with Rules Rescinded and Guidance Withdrawn

Goodwin on

Over the past month, the Consumer Financial Protection Bureau (CFPB) took a slew of actions with the apparent aim to decrease the CFPB’s regulatory authority. On May 14, 2025, the CFPB proposed rescinding the “NBR Rule”...more

Orrick, Herrington & Sutcliffe LLP

CFPB indicates its Section 1033 rule should be set aside in filing

On May 23, the U.S. District Court for the Eastern District of Kentucky received a status report from the defendants, the CFPB and Russell Vought, stating that the Bureau has determined the Section 1033 rule to be unlawful...more

Orrick, Herrington & Sutcliffe LLP

CFPB states intent to issue rules to stay compliance dates for 1071 rule and revisit rule

On May 28, the CFPB filed a motion with the U.S. District Court for the Eastern District of Kentucky, requesting to stay proceedings in a case involving the Small Business Lending Rule. The CFPB made this request to undertake...more

Holland & Knight LLP

CFPB Publishes Additional Proposals to Rescind "Unnecessary" Rules and Regulations

Holland & Knight LLP on

The CFPB continues on its path to rescind what it considers to be unnecessary regulatory guidance, with two additional proposals recently published. First, the agency published an interim final rule on May 16, 2025, to...more

Orrick, Herrington & Sutcliffe LLP

CFPB rescinds COVID-related protections under RESPA Regulation X

On May 16, the CFPB published a Federal Register notice withdrawing its COVID-19-era mortgage servicing protections for borrowers. The CFPB identified two reasons for rescinding this measure: first, the rule was intended to...more

Orrick, Herrington & Sutcliffe LLP

CFPB to rescind state requirement to notify Bureau on CFPA enforcement

On May 21, the CFPB published a notice in the Federal Register withdrawing its procedures that required state officials to notify the Bureau when taking action to enforce the CFPA. The direct final rule, effective July 21,...more

Sheppard Mullin Richter & Hampton LLP

CFPB Proposes to Rescind Risk-Based Supervision Rulemaking

On May 14, the CFPB issued a proposed rule to rescind recent amendments to its nonbank supervisory program. The amendments were designed to expand and formalize the Bureau’s process for subjecting nonbank covered persons to...more

Amundsen Davis LLC

CFPB May Lose Ability to Enforce Regulations In-House

Amundsen Davis LLC on

On May 12, 2025, the Consumer Financial Protection Bureau (CFPB) filed a notice that seeks to rescind changes made in 2022 for administrative adjudications. FinanceThe rules for administrative adjudications allowed the CFPB...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – May 2025 # 3

Troutman Pepper Locke on

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Orrick, Herrington & Sutcliffe LLP

CFPB withdraws EFT interpretive rule

On May 15, the CFPB published a Federal Register notice withdrawing its proposed interpretive rule on EFTs titled “Electronic Fund Transfers Through Accounts Established Primarily for Personal, Family, or Household Purposes...more

Orrick, Herrington & Sutcliffe LLP

CFPB withdraws its proposed rule on data brokers

On May 15, the CFPB published a Federal Register notice withdrawing its proposed rule on Protecting Americans from Harmful Data Broker Practices (Regulation V). The Bureau decided that this rulemaking was not necessary at...more

Orrick, Herrington & Sutcliffe LLP

CFPB proposes to rescind amendments to nonbank supervision

On May 14, the CFPB published a Federal Register notice withdrawing its proposed rule on the Procedures for Supervisory Designation Proceedings. These amendments were each codified in 12 C.F.R. 1091. As previously covered by...more

Orrick, Herrington & Sutcliffe LLP

CFPB proposes to rescind its nonbank registry rule

On May 14, the CFPB published a Federal Register notice withdrawing its proposed rule requiring nonbanks to report the existence of an order and file annual compliance reports where such nonbanks were subject to certain final...more

Orrick, Herrington & Sutcliffe LLP

CFPB to rescind amendments to its rules for adjudication proceedings

On May 13, the CFPB published a Federal Register notice withdrawing its proposed rule to rescind the amendments it adopted to the Rules of Practice for Adjudication Proceedings, amended in 2022 and 2023. As previously covered...more

Cooley LLP

CFPB Withdraws Guidance Documents in Shift from Nonbinding Policymaking

Cooley LLP on

After ordering the review of all existing guidance put forth by the Consumer Financial Protection Bureau (CFPB), acting CFPB Director Russell Vought announced the withdrawal of almost 70 guidance documents dating back to the...more

Brownstein Hyatt Farber Schreck

CFPB Changes Approach to Guidance

On May 12, 2025, the Consumer Financial Protection Bureau (CFPB) announced a sweeping withdrawal of 67 guidance documents issued since the CFPB’s inception, signaling a marked shift in its regulatory approach. This move...more

Troutman Pepper Locke

CFPB Rescinds Dozens of Regulatory Guidance Documents in Major Regulatory Shift

Troutman Pepper Locke on

The Consumer Financial Protection Bureau (CFPB or Bureau) announced the withdrawal of 67 regulatory guidance documents, including interpretive rules, policy statements, and advisory opinions that have been issued since the...more

Orrick, Herrington & Sutcliffe LLP

CFPB set to withdraw guidance documents

On May 9, the CFPB published its intention to withdraw numerous guidance documents issued since the agency began its operations in 2011. The withdrawal includes a wide range of materials such as policy statements,...more

Holland & Knight LLP

CFPB Provides Supervision and Enforcement Reprieve on Small Business Lending Rule

Holland & Knight LLP on

In connection with its regulation titled "Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)," implementing Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, 88 Fed. Reg....more

Sheppard Mullin Richter & Hampton LLP

CFPB to Revoke Medical Debt Collection Advisory Opinion

On April 11, the CFPB filed a joint motion in the U.S. District Court for the District of Columbia indicating its intent to revoke an advisory opinion on medical debt collection. The Bureau requested a stay of litigation...more

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