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
6/27/2025
/ Civil Monetary Penalty ,
Civil Penalty Fund ,
Compliance Dates ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Federal Register ,
Final Rules ,
Interim Final Rules (IFR) ,
Proposed Rules ,
Regulation B ,
Rescission ,
Rulemaking Process ,
Section 1071 ,
Small Business Loans
U.S. District Court Judge Barbara J. Rothstein granted, in part, the CFPB's motion to withdraw its amicus brief filed by the Biden-era CFPB regarding the "proper interpretation of the Fair Debt Collection Practices Act's...more
6/26/2025
/ Advisory Opinions ,
Amicus Briefs ,
Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
FDCPA ,
Guidance Documents ,
Judicial Authority ,
Regulatory Agencies ,
Statutory Interpretation ,
Trump Administration
Texas Gov. Greg Abbott signed House Bill (HB) 700 into law on June 20, 2025, despite significant opposition from industry with respect to one critical legislative provision. This follows the legislation's approval by the...more
Senate Parliamentarian Elizabeth MacDonough ruled that the Trump Administration and congressional Republicans cannot use the pending budget reconciliation bill to eliminate funding to the CFPB in a June 23, 2025,...more
6/25/2025
/ Budget Cuts ,
Budget Reconciliation ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Budget ,
Financial Regulatory Reform ,
Government Agencies ,
Proposed Legislation ,
Regulatory Reform ,
Rulemaking Process ,
Senate Banking Committee ,
Trump Administration
The Federal Reserve's Office of Inspector General (OIG) reportedly committed to reviewing the Trump Administration's efforts to eliminate the vast majority of CFPB employees and agency contracts on June 6, 2025. This decision...more
6/24/2025
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Termination ,
Federal Reserve ,
GAO ,
Government Agencies ,
Government Investigations ,
Government Reorganization ,
Investigations ,
OIG ,
Preliminary Injunctions ,
Reduction of Force ,
Trump Administration
The CFPB has requested that a federal district court vacate the Biden-era Open Banking Rule (Rule) in a motion for summary judgment filed on May 30, 2025. The CFPB had previously submitted a status report to the U.S. District...more
The U.S. House of Representatives has passed an extensive budget reconciliation bill that would reduce the CFPB budget by 70 percent. In a 215-214 vote along party lines, the budget cut first approved by the House Committee...more
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
5/28/2025
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Final Rules ,
Mortgages ,
Proposed Rules ,
Regulatory Reform ,
Regulatory Requirements ,
Rescission ,
RESPA ,
Rulemaking Process
The CFPB has withdrawn its 1) Fair Credit Reporting Act (FCRA)/Regulation V Proposed Rule (Data Broker Rule), 2) Prohibited Terms and Conditions in Agreements for Consumer Financial Products or Services (Regulation AA)...more
5/16/2025
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Data Brokers ,
Deregulation ,
Dodd-Frank ,
EFTA ,
Enforcement Authority ,
Fair Credit Reporting Act (FCRA) ,
Final Rules ,
Interpretive Rule ,
Regulation E ,
Regulatory Requirements ,
Rescission ,
Trump Administration
President Donald Trump on May 9, 2025, signed into law measures to eliminate two CFPB rules established under the Biden Administration. The first rule repealed was the CFPB's Overdraft Rule, one aspect of the Biden...more
5/14/2025
/ Banks ,
Biden Administration ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Financial Institutions ,
FinTech ,
Mobile Apps ,
Overdraft Fees ,
Payment Systems ,
Popular ,
Rescission ,
Trump Administration
U.S. Department of the Treasury Secretary Scott Bessent announced on May 9, 2025, that Jonathan McKernan has been selected by President Donald Trump to serve as the Undersecretary of Domestic Finance at the Treasury...more
The CFPB announced on May 9, 2025, that nearly 70 guidance documents will be withdrawn after an agency-wide review of documents that violate the Administrative Procedure Act (APA). ...more
The CFPB on April 30, 2025, reached an agreement with lender trade groups to vacate the Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information Rule (the Medical Debt Rule). The joint motion...more
The CFPB on April 30, 2025, filed a joint stipulation to dismiss its appeal pending before the U.S. Court of Appeals for the Fifth Circuit regarding an agency policy that expands the scope of antidiscrimination oversight....more
5/9/2025
/ Administrative Procedure Act ,
Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Dismissals ,
Dodd-Frank ,
Enforcement Actions ,
Financial Regulatory Reform ,
Notice and Comment ,
Regulatory Authority ,
Rulemaking Process ,
Statutory Authority ,
UDAAP ,
Unfair or Deceptive Trade Practices
The CFPB announced on May 6, 2025, that it will not prioritize enforcement actions taken on the basis of its Buy Now, Pay Later (BNPL) interpretive rule (89 Fed. Reg. 47,068), which was issued in May 2024....more
The U.S. House Committee on Financial Services on April 30, 2025, voted to approve Republican-backed budget legislation that would eliminate almost all funding to the CFPB.
In a 30-22 vote along party lines, the draft...more
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
5/2/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
ECOA ,
Enforcement Actions ,
Lenders ,
Non-Enforcement ,
Proposed Rules ,
Regulation B ,
Regulatory Reform ,
Rulemaking Process ,
Small Business ,
Small Business Loans
U.S. Sen. Elizabeth Warren (D-Mass.), on behalf of 40 Democratic Senators, wrote a letter to CFPB Acting Director Russell Vought on April 28, 2025, expressing "grave concerns" about the agency's ability to fulfill more than...more
5/1/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
GAO ,
Involuntary Reduction in Force ,
Judicial Authority ,
Layoffs ,
Reduction of Force ,
Regulatory Oversight ,
Regulatory Reform ,
Senate Banking Committee ,
Termination ,
Trump Administration
On April 15, 2025, Judge Mark T. Pittman of the U.S. District Court for the Northern District of Texas entered an order and final judgment vacating the CFPB's credit card penalty fees rule (the Late Fee Rule). Judge Pittman's...more
4/23/2025
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Disclosure Requirements ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Judicial Authority ,
Late Fees ,
Regulatory Reform ,
Settlement ,
Vacated
CFPB Chief Legal Officer Mark Paoletta on April 16, 2025, issued the CFPB's latest staff memo outlining the agency's supervision and enforcement priorities. ...more
In a per curiam order, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit on April 11, 2025, partially stayed a preliminary injunction halting any attempt to dismantle the CFPB. Judges...more
4/15/2025
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Employee Rights ,
Employment Litigation ,
Federal Labor Laws ,
Government Agencies ,
Hiring & Firing ,
Judicial Authority ,
Pending Litigation ,
Preliminary Injunctions ,
Stays
In connection with its regulation titled Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders (the Nonbank Registration Regulation), the CFPB announced on April 11, 2025, that it "will not prioritize...more
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
Among other significant rulemakings that the Consumer Financial Protection Bureau (CFPB) finalized in the waning days of the Biden Administration were 1) an overdraft fees final rule that applies to banks and credit unions...more
4/11/2025
/ Banking Sector ,
Big Tech ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Wallets ,
Final Rules ,
Financial Regulatory Reform ,
FinTech ,
Mobile Apps ,
Overdraft Fees ,
Overdraft Rule ,
Payment Systems ,
Popular ,
Proposed Legislation ,
Trump Administration ,
UDAAP
Full Senate consideration for Jonathan McKernan to become director of the Consumer Financial Protection Bureau (CFPB) is not officially scheduled but is expected to take place in May based on recent comments by Senate Banking...more