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Rulemaking Process Proposed Rules Consumer Financial Protection Bureau (CFPB)

Sheppard Mullin Richter & Hampton LLP

CFPB Withdraws Rule to Eliminate State Enforcement Notification Requirements

On July 21, the CFPB withdrew its plan to repeal rules that provide procedures for state officials to notify the Bureau before initiating enforcement actions under the Consumer Financial Protection Act (CFPA). The CFPB cited...more

Holland & Knight LLP

CFPB Launches Additional Rulemaking, Procedural and Administrative Changes

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The CFPB has continued to announce additional procedural, rulemaking and administrative changes, with the latest being three postings to the Federal Register on June 18, 2025: 1) a final rule rescinding the Procedure Relating...more

Orrick, Herrington & Sutcliffe LLP

CFPB proposes to eliminate ability to allocate civil money penalties to fund financial literacy programs

On June 18, the CFPB published a proposed rule in the Federal Register amending its 2013 rule implementing the CFPA provision establishing the Consumer Financial Civil Penalty Fund. The proposed rule rescinds aspects of the...more

Sheppard Mullin Richter & Hampton LLP

CFPB Proposes to Eliminate Education Allocations from Civil Penalty Fund

On June 18, the CFPB published a proposed rule that would rescind its authority to use money from the Civil Penalty Fund for consumer education and financial literacy initiatives. The proposed changes would amend the CFPB’s...more

Orrick, Herrington & Sutcliffe LLP

CFPB signals five future publications in OMB filings

On June 4, the Office of Information and Regulatory Affairs received five pending publications from the CFPB. The five rulemakings under consideration included: (i) Loan Originator Compensation Requirements Under the Truth in...more

Ballard Spahr LLP

CFPB Files Rulemaking Items With Office of Management and Budget

Ballard Spahr LLP on

The CFPB recently made filings with the Office of Management and Budget (OMB) regarding the following rules...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Busy Month for CFPB with Rules Rescinded and Guidance Withdrawn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 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 requests comment on its consumer complaint intake form

On May 22, the CFPB published a notice in the Federal Register requesting comments on the extension of the Consumer Complaint Intake System Company Portal Boarding Form. The Dodd-Frank Act requires the CFPB to facilitate the...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

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

Holland & Knight LLP

CFPB Provides Supervision and Enforcement Reprieve on Small Business Lending Rule

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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

Orrick, Herrington & Sutcliffe LLP

CFPB to revoke its medical debt advisory opinion

On April 11, the CFPB stated in a court filing that it plans to revoke its advisory opinion on medical debt collection from October 1, 2024. The filing was a motion to the U.S. District Court for the District of Columbia and...more

Kilpatrick

CFPB Signals Significant Changes to Small Business Lending Rule: New Section 1071 Rulemaking Forthcoming

Kilpatrick on

The Consumer Financial Protection Bureau (CFPB or Bureau) recently announced that it plans to revisit – and potentially revise – its controversial small business data collection rule implementing Section 1071 of the...more

Davis Wright Tremaine LLP

New Administration Outlook: What Does the CFPB "Freeze" Mean for Regulations and Pending Litigation? - Update

Treasury Secretary Scott Bessent, the then-acting director of the Consumer Financial Protection Bureau (CFPB), emailed staff on February 3 directing employees to cease all rulemaking activities, delay the implementation of...more

Holland & Knight LLP

CFPB Plans to Reopen Section 1071 Small Business Lending Rule

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The Consumer Financial Protection Bureau (CFPB) has revealed its intention to make changes to the small business loan data collection and reporting rule (1071 Rule) in light of continued opposition from financial institutions...more

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