CFPB Rulemaking

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Banking groups said their members will have to unnecessarily spend significant time and money if a federal court does not delay the compliance dates of an open banking rule that the CFPB said it intends to rewrite.

“Plaintiffs and their members cannot simply stop all work needed to timely comply with a complex regulation that remains on the books, gambling on the outcome of a process that will last well into 2026 at a minimum,” the Bank Policy Institute, Kentucky Bankers Association, and Forcht Bank (“Plaintiffs”), said in a reply brief filed in the U.S.… Continue Reading

The CFPB is proposing a rule that standardizes determinations that nonbanks pose “risks to consumers,” a move that could result in fewer nonbanks being designated as posing risk and thus subject to CFPB supervisory jurisdiction.

The proposed rule states that “conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services” consists of conduct that:

  • Presents a high likelihood of significant harm to consumers; and
  • Is directly connected to the offering of a consumer financial product or service as defined by the CFPA.
… Continue Reading

As promised, the CFPB is issuing an Advance Notice of Proposed Rulemaking soliciting comments on the agency’s open banking rule.

In the notice, scheduled to be published in the Federal Register on August 22, 2025, the CFPB lists four areas it wants addressed and then provides a list of questions that commenters might answer.… Continue Reading

The banking plaintiffs in the suit challenging the CFPB’s open banking rule (“Rule”) have asked a federal court to delay the compliance date of the Rule, contending that even though the Trump Administration has said it was rescinding the rule and writing a new one, the compliance dates technically remain in effect.… Continue Reading

On August 8, 2025, the Consumer Financial Protection Bureau (“CFPB”) issued four advance notices of proposed rulemaking (“ANPR”) inviting comments on whether it should substantially reduce the number of nonbank companies the CFPB supervises in the auto finance, international money transfer, debt collection, and consumer credit reporting markets. An agency spokesperson told Law 360, “As part of President Trump’s overhaul of this abusive agency, ‘Larger Participant’ regulations are open for re-examining after more than a decade.… Continue Reading

In a surprise announcement, the CFPB has said it will issue a revised Section 1033 open banking rule rather than simply killing the Biden Administration rule.

“In light of recent events in the marketplace, the Bureau has now decided to initiate a new rulemaking to reconsider the Rule with a view to substantially revising it and providing a robust justification,” the administration said, in requesting a stay of a lawsuit filed by Forcht Bank and banking trade groups in the U.S.… Continue Reading

The saga of the CFPB’s section 1071 small business data collection and reporting rule continues. Rise Economy, fka California Reinvestment Coalition (Rise), the National Reinvestment Coalition (NCRC), the Main Street Alliance (MSA) and Reshonda Young (a small business owner and member of MSA) filed a complaint against Acting CFPB Director Russell Vought and the CFPB seeking to force the agency to implement the section 1071 rule.… Continue Reading

A Texas federal judge has voided a Biden Administration CFPB rule that would have prohibited medical debt in credit reports.

“The Bureau has no such power to define what in a consumer report is ‘permissible,’” Judge Sean D. Jordan of the Eastern District of Texas wrote. “Congress has defined the permissible purposes of a consumer report, and a creditor has a permissible purpose if it intends to use the report for a credit transaction.”… Continue Reading

Having previously announced that it was withdrawing its Buy Now, Pay Later rule, the CFPB recently said that it does not intend to issue a revised rule.

“The Bureau has determined that it does not intend to reissue the BNPL Interpretive Rule because it was procedurally defective and the interpretation included therein applied ill-fitting open-end credit regulations to BNPL products, which are generally structured as closed-end loans,” the CFPB said, in a status report it submitted in a lawsuit filed by the Financial Technology Association.  … Continue Reading