The Consumer Financial Protection Bureau (CFPB) recently proposed a rule that would likely limit the nonbanks it supervises to those whose activities “pose a high likelihood of significant harm to consumers” in connection with offering or providing consumer financial products or services. The CFPB’s rule would more narrowly construe a provision of the Consumer Financial Protection Act that the CFPB has relied on to supervise …
Executive Order Guarantees Efforts Against Debanking Will Continue
The White House recently issued an executive order (EO) aimed at combatting “politicized or unlawful” debanking. Among other requirements, the EO requires “Federal banking regulators” and the Small Business Administration (SBA) to eliminate from their guidance and other materials the use of reputation risk that could result in debanking and take remedial action against past instances of debanking. This EO is the latest in a …
Open Banking Is on Ice as CFPB Seeks to Toss Its Own Rule
Cooley lawyers Obrea Poindexter and Palmer Quamme co-authored an article for Law360 about the Consumer Financial Protection Bureau’s bid to rescind its own rule, implementing Section 1033 of the Dodd-Frank Act concerning personal financial data rights. Read more ›
CFPB Issues Interim Final Rule Extending Small Business Lending Rule Compliance Deadlines
The Consumer Financial Protection Bureau (CFPB) recently issued an interim final rule delaying compliance deadlines for a second time for its small business lending data collection rule, which amended Regulation B pursuant to Section 1071 of the Dodd-Frank Act. The interim final rule extends compliance deadlines for the small business lending rule by roughly one year across all origination tiers. The CFPB states in the …
CFPB Withdraws Guidance Documents in Shift From Nonbinding Policymaking
The Consumer Financial Protection Bureau (CFPB) withdrew nearly 70 interpretive rules, policy statements and advisory opinions as part of its shift away from “regulation by guidance.” The rescinded documents impact nearly all consumer protection laws, including the Fair Credit Reporting Act, the Truth in Lending Act, the Consumer Financial Protection Act’s prohibition on unfair, deceptive, or abusive acts or practices, and the Electronic Fund Transfer …
CFPB Announces Plan to Review Offenses Carrying Criminal Penalties
On June 27, 2025, the Consumer Financial Protection Bureau (CFPB) issued a policy statement that outlines its plan to address criminal regulatory offenses within its jurisdiction, as directed by the May 2025 Executive Order (EO) 14294. The CFPB notes that it will publish a report to include a list of “all criminal regulatory offenses enforceable by the Bureau or the Department of Justice,” along with …
Trump CFPB Asserts Narrower Role for State Enforcement of Federal Consumer Law
On May 15, 2025, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that rescinded a Biden-era interpretive rule regarding the extent of states’ enforcement authority under Section 1042 of the Consumer Financial Protection Act (CFPA). While states may continue to bring actions to enforce provisions of the CFPA, the new interpretive rule suggests that states may not bring actions arising under any enumerated …
Slimmed-Down CFPB to Focus on Bank Oversight, Concrete Consumer Harm
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 …