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Financial Regulatory Reform Deregulation Consumer Financial Protection Bureau (CFPB)

Ballard Spahr LLP

Federal Judge vacates CFPB medical debt rule

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A Texas federal judge has voided a Biden Administration CFPB rule that would have prohibited medical debt in credit reports....more

Troutman Pepper Locke

In Response to the President’s Directive, CFPB Unveils New Strategy to Tackle Criminal Regulatory Offenses

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Today, the Consumer Financial Protection Bureau (CFPB or Bureau) published a policy statement in the Federal Register outlining its approach to addressing criminally liable regulatory offenses. This publication comes in...more

Ballard Spahr LLP

NYC Comptroller calls for strengthening city, state consumer protection laws, regulations

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Accusing the Trump Administration of “dismantling” the CFPB, New York City Comptroller Brad Lander is calling on city and state officials to fill the void by strengthening consumer protection laws and rules in the city and...more

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CFPB will not issue revised BNPL rule

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Having previously announced that it was withdrawing its Buy Now, Pay Later rule, the CFPB recently said that it does not intend to issue a revised rule....more

Goodwin

Busy Month for CFPB with Rules Rescinded and Guidance Withdrawn

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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

Ballard Spahr LLP

CFPB proposes to rescind rule requiring nonbanks to register certain agency enforcement and court orders

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The CFPB is proposing to rescind its rule that requires certain nonbank entities to register covered agency enforcement and court orders....more

Ballard Spahr LLP

Trump signs resolution voiding CFPB large nonbank supervision rule

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President Trump has signed a resolution nullifying the rule implementing the CFPB’s power to supervise large nonbank financial services providers of general-use digital consumer payment applications....more

Ballard Spahr LLP

CFPB rescinds 67 guidance documents

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Contending that policies implemented by guidance represent an unfair regulatory burden and might be contrary to federal law, the CFPB is rescinding 67 guidance documents  issued since the bureau began operating in 2011....more

Troutman Pepper Locke

CFPB Withdraws Proposed FCRA Data Broker Rule

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Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed its decision to withdraw the proposed rule titled “Protecting Americans from Harmful Data Broker Practices (Regulation V)” in the Federal Register....more

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President Trump Signs Congressional Review Act Resolution Overturning CFPB Overdraft Rule

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On May 9, the U.S. Senate Committee on Banking, Housing, and Urban Affairs announced that President Trump signed into law Chairman Tim Scott’s (R-SC) Congressional Review Act (CRA) resolution, effectively overturning the...more

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Trump signs resolution nullifying CFPB overdraft rule

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President Trump has signed a Congressional Review Act (CRA) resolution nullifying the CFPB’s controversial overdraft rule. ...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – May 2025 # 2

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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

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CFPB won’t prioritize BNPL enforcement

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The CFPB will not make enforcement of its Buy Now, Pay Later rule a priority, according to a recent statement....more

Troutman Pepper Locke

CFPB Rescinds Dozens of Regulatory Guidance Documents in Major Regulatory Shift

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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

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Citing CFPB cutbacks, Pennsylvania Governor is beefing up consumer protection efforts

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Citing cutbacks at the federal level, Pennsylvania Governor Josh Shapiro has launched a new centralized consumer protection hotline, website and email address to make it easier for state residents to report allegations of...more

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CFPB, industry groups ask Federal Judge to kill bureau medical debt rule

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The CFPB says it wants to scrap a Biden Administration rule that prohibits credit reporting agencies from including medical debts on credit reports, one of many Biden era rules that the Trump Administration has sought to...more

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Republicans ask federal banking agencies to withdraw rules, guidance

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Republicans on the House Financial Services Committee have sent letters to financial regulators asking them to rescind a variety of measures the regulators issued during the Biden Administration....more

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House sends Trump resolution to nullify CFPB overdraft rule

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The resolution to nullify the CFPB’s overdraft rule now is in President Trump’s hands....more

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Judge enjoins Trump Administration from Dismantling CFPB

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Contending that the Trump Administration still intends to dismantle the CFPB, a federal judge on Friday issued a temporary injunction prohibiting the administration from firing employees without cause, prohibiting it from...more

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CFPB plans to revoke BNPL interpretive rule

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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

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Senate adopts CRA resolution to nullify rule subjecting large cash apps to bureau supervision

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Using the Congressional Review Act, the Senate has voted to nullify a CFPB final rule that would subject large cash apps to the bureau’s supervision....more

Venable LLP

Consumer Finance’s Deregulatory Shift - The Evolving Role of Compliance

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With federal regulatory pressure easing, consumer financial services companies are well positioned to pursue growth with fewer potential roadblocks. ...more

Ballard Spahr LLP

Legislation to eliminate all funding for CFPB introduced in House, Senate

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Legislation that would eliminate all funding for the CFPB has been introduced in the House and Senate, with the main House sponsor now calling for the bill to be placed on a fast track by including it in budget...more

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House Republicans may start Congressional Review Act process to nullify overdraft rule

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House Republicans appear ready to start the Congressional Review Act (CRA) process to attempt to repeal the Biden Administration’s controversial overdraft rule....more

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Acting CFPB Director Bessent tells CFPB staff to stop virtually all work

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Contending that he wants to ensure that the CFPB is in line with Trump Administration policies, acting bureau Director Scott Bessent has reportedly ordered the agency to stop virtually all work. ...more

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