CFPB Rulemaking

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As previously reported, in addressing the fact that current stays of the section 1071 small business data collection and reporting rule only apply to the applicable plaintiffs, intervenors and their members, the CFPB advised in May 2025 that it would not make enforcement of the rule a priority in order to provide relief to parties not covered by any court stay of the rule.… Continue Reading

The CFPB recently made filings with the Office of Management and Budget (OMB) regarding the following rules:

  • Loan Originator Compensation Requirements Under the Truth in Lending Act (Regulation Z).
  • Discretionary Servicing Rules under the Real Estate Settlement Procedures Act (Regulation X).
  • Discretionary Mortgage Servicing Rules Under the Truth in Lending Act (Regulation Z).
… Continue Reading

In its motion for a summary judgment in a lawsuit challenging the regulation, the CFPB stated it has concluded that the Section 1033 Rule (Rule) exceeds the agency’s statutory authority to create an open banking system by—among other things—requiring that consumer data be shared with third parties.

The motion states that “the limited legislative history confirms what the statute’s text and structure make clear: the statute was intended simply to ensure that consumers would have access to their own information.”… Continue Reading

The CFPB is planning to repeal its Section 1033 Open Banking Rule, according to a filing in a federal lawsuit challenging the rule. On the same day the Final Rule was issued, the Banking Policy Institute (BPI) and Kentucky Bankers Association filed a lawsuit in the U.S. District Court for the Eastern District of Kentucky seeking injunctive relief, alleging that the CFPB exceeded its statutory authority.… Continue Reading

The CFPB is proposing to rescind its rule that requires certain nonbank entities to register covered agency enforcement and court orders.

Specifically, the rule applies to any supervised or non-supervised nonbank that engages in offering or providing consumer financial products or services and any of its service provider affiliates unless excluded.… Continue Reading

Contending that policies implemented by guidance represent an unfair regulatory burden and might be contrary to federal law, the CFPB is rescinding 67 guidance documents  issued since the bureau began operating in 2011.

“In many instances, this guidance has adopted interpretations that are inconsistent with the statutory text and impose compliance burdens on regulated parties outside of the strictures of notice-and-comment rulemaking,” Acting CFPB Director Russell Vought said, in announcing the policy changes.… Continue Reading

The CFPB has announced it will not make enforcement of its rule requiring financial institutions to report their lending to women-owned, LGBTQI+-owned and minority-owned small businesses a priority.

“The bureau takes this step in the interest of focusing resources on supporting hard-working American taxpayers, servicemen, veterans, and small businesses,” the bureau said, in announcing the move.… Continue Reading

President Trump has signed a Congressional Review Act (CRA) resolution nullifying the CFPB’s controversial overdraft rule.

The rule was issued by the Biden Administration and had attracted opposition from Republicans on Capitol Hill and Trump Administration officials. House and Senate Republicans pushed a CRA resolution through Congress, which Trump has now signed, voiding the rule.… Continue Reading

The CFPB says it wants to scrap a Biden Administration rule that prohibits credit reporting agencies from including medical debts on credit reports, one of many Biden era rules that the Trump Administration has sought to nullify.

The rule had been scheduled to take effect in March, but U.S. District Judge Sean Jordan of the Eastern District of Texas, had issued a 90-day stay.… Continue Reading

The CFPB is rescinding its existing enforcement and supervision priority documents, according to a memo sent to bureau staff by CFPB Chief Legal Officer Mark Paoletta.

The CFPB will focus its enforcement and supervision resources on pressing threats to consumers, particularly servicemembers, their families, as well as veterans, Paoletta wrote, in a memo to bureau employees.… Continue Reading