On April 16, 2025, the Consumer Financial Protection Bureau (CFPB) sent an internal memorandum to CFPB staff describing its 2025 supervisory and enforcement priorities. The memo previewed a reduction in overall supervision and enforcement, but also a shift in focus toward depositories and on obtaining remediation for definable consumer losses. Contrary to the Biden CFPB’s focus on working with the states, the memo notes that it will move away from those areas where the states have regulatory authority. Further, as expected, it also affirms that regulatory efforts will not seek to push the outer bounds of the CFPB’s jurisdiction – a major criticism of the Biden-era CFPB.