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Rulemaking Process Consumer Financial Protection Bureau (CFPB) Financial Services Industry

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

Orrick, Herrington & Sutcliffe LLP

CFPB signals it will revisit its open banking rule following court stay

On July 29, the U.S. District Court for the Eastern District of Kentucky granted the CFPB’s motion to stay proceedings in a case challenging the Bureau’s Section 1033 rule after the Bureau signaled its plans to “engage in an...more

Troutman Pepper Locke

CFPB Section 1033 Open Banking Rule Stayed as CFPB Initiates New Rulemaking

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In a significant turn of events, the Consumer Financial Protection Bureau (CFPB or Bureau) has decided to initiate a new rulemaking process concerning its final rule on personal financial data rights under Section 1033 of the...more

Orrick, Herrington & Sutcliffe LLP

CFPB requests extension of district court’s stay of Section 1071 rule in joint status report

On July 7, the CFPB submitted a joint status report to the U.S. District Court for the Southern District of Florida requesting the court maintain its stay pending the Bureau’s Section 1071 rulemaking. The CFPB stated that the...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

Ballard Spahr LLP

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

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

Ballard Spahr LLP

CFPB Files Rulemaking Items With Office of Management and Budget

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The CFPB recently made filings with the Office of Management and Budget (OMB) regarding the following rules...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

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

Troutman Pepper Locke

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

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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

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 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 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

Troutman Pepper Locke

CFPB Proposes Rescission of Nonbank Registration Rule

Troutman Pepper Locke on

Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) released a proposed rule to rescind its previous regulation requiring nonbank entities to report certain agency and court orders to a Bureau registry....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

Ballard Spahr LLP

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

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

Katten Muchin Rosenman LLP

The CFPB Shuts Down Controversial "Regulation Through Guidance" Practices

The acting head of the Consumer Financial Protection Bureau (CFPB) continues to winnow out regulatory tools used by agency staff under the prior administration. Just a month after revoking certain interpretative rules and...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

Kilpatrick

CFPB Shifts Course on Buy Now, Pay Later: Interpretive Rule Revoked, Legal Challenge Implications

Kilpatrick on

The Consumer Financial Protection Bureau (CFPB) recently announced a significant change in its approach to the burgeoning "buy now, pay later" (BNPL) market. The Bureau has announced plans to revoke its May 2024 interpretive...more

Orrick, Herrington & Sutcliffe LLP

CFPB notifies court of its intent to revoke its Buy Now, Pay Later rule

On March 26, the CFPB filed a status report and joint motion to stay proceedings in a case challenging its Buy Now, Pay Later interpretive rule indicating that the Bureau intends to revoke the rule. As previously covered by...more

Troutman Pepper Locke

Early Days of the Trump Administration: Impact on the CFPB — The Consumer Finance Podcast

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In this episode of The Consumer Finance Podcast, Chris Willis is joined by Joe Reilly, a partner in Troutman Pepper Locke’s Consumer Financial Services Practice Group, to discuss the events of the first two months of the new...more

Troutman Pepper Locke

CFSA Attempts to Renew Small Dollar Lending Rule Litigation in Supreme Court Petition

Troutman Pepper Locke on

On March 7, the Community Financial Services Association of America (CFSA) and the Consumer Service Alliance of Texas filed a petition for a writ of certiorari with the U.S. Supreme Court seeking to overturn a decision by the...more

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