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 The rescinded documents impact nearly all consumer protection laws, including the Fair Credit Reporting Act, the Truth in Lending Act, the Consumer Financial Protection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On May 15, 2025, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that rescinded a Biden-era interpretive rule regarding the extent of states’ enforcement authority under Section 1042 of the Consumer Financial Protection Act (CFPA).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 …
CFPB Moves to Vacate Its Own Open Banking Rule, Citing Legal Deficiencies and Overreach
On May 30, the Consumer Financial Protection Bureau (CFPB) filed a motion to vacate its own open banking rule, arguing that the rule exceeds its authority under Section 1033 of the Dodd-Frank Act. The CFPB asserts that the rule exceeds its legal authority by requiring data sharing with authorized third parties, unlawfully prohibits data providers from charging fees, inadequately addresses consumer data and security risks, …
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 …