The Consumer Financial Protection Bureau (CFPB) has withdrawn a wide range of guidance documents and narrowed its enforcement priorities following an agency-wide review.
According to a notice in the Federal Register by Acting Director Russ Vought, the CFPB withdrew 67 policy statements, interpretive rules, advisory opinions, and other guidance documents. The decision follows a review that found many of these items may violate the Administrative Procedure Act (APA).
The withdrawn guidance spans several areas, including small business and mortgage lending, fair credit reporting, debt collection, and consumer complaints. Notable examples include:
Potential Revisions to Open Banking Rules
Acting Director Vought also indicated the CFPB may revisit its final rule on Personal Financial Data Rights — also referred to as the “Open Banking” or “Section 1033” rule — originally finalized in October 2024.
For more information, email Heather Line.
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:
Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!
Additionally, other League-member compliance resources include:
For more information, email Lisa Quaranta.
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