On May 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a proposed rule to rescind amendments to its Procedures for Supervisory Designation Proceedings, originally adopted in 2022 and 2024. This proposal marks a significant shift in the Bureau’s approach to supervising nonbank entities. Public comments on the rescission will be accepted until June 13, 2025.
Today, the Consumer Financial Protection Bureau (CFPB or Bureau) filed its decision to withdraw the proposed rule titled “Protecting Americans from Harmful Data Broker Practices (Regulation V)” in the Federal Register. The rescission is scheduled to be published tomorrow. This withdrawal marks a significant shift in the Bureau’s approach to regulating data brokers and other updates to Regulation V under the Fair Credit Reporting Act (FCRA).
Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) released a proposed rule to rescind its previous regulation requiring nonbank entities to report certain agency and court orders to a Bureau registry.
On May 9, the U.S. Senate Committee on Banking, Housing, and Urban Affairs announced that President Trump signed into law Chairman Tim Scott’s (R-SC) Congressional Review Act (CRA) resolution, effectively overturning the Biden-era Consumer Financial Protection Bureau (CFPB) rule on overdraft fees. Chairman Scott, who spearheaded the effort, emphasized that the rule would have imposed detrimental price controls on overdraft services, potentially leading to more unbanked individuals and fewer consumer options.
Today, the Consumer Financial Protection Bureau (CFPB or Bureau) announced the withdrawal of 67 regulatory guidance documents, including interpretive rules, policy statements, and advisory opinions that have been issued since the Bureau’s inception in 2011. The withdrawn guidance documents impact most federal consumer protection laws, including the Consumer Financial Protection Act of 2010 (CFPA), Fair
Today, the U.S. Department of the Treasury announced President Trump’s intent to nominate Jonathan McKernan as the Undersecretary of Domestic Finance. The press release states that McKernan’s continued service at Treasury “will ensure that his experience and expertise are best put to advancing the President’s America First agenda.”
Yesterday, the U.S. Court of Appeals for the District of Columbia Circuit issued an order temporarily halting the Consumer Financial Protection Bureau’s (CFPB or Bureau) mass layoffs. The court granted an emergency motion to enforce or clarify its previous order, reinstating the preliminary injunction that prevents the CFPB from executing reductions in force (RIFs).
At an emergency hearing this morning in National Treasury Employees Union v. Vought, Judge Amy Berman Jackson once again halted the layoffs of over 1,000 employees at the Consumer Financial Protection Bureau (CFPB). The judge emphasized the need for a comprehensive record to determine whether the firings complied with the D.C. Circuit’s order from last week (discussed here).
The Consumer Financial Protection Bureau (CFPB or Bureau) is undergoing significant changes as the Trump administration implements sweeping layoffs just days after revising the Bureau’s regulatory priorities. According to reports, approximately 1,400-1,500 employees have received reduction-in-force notices, leaving the CFPB with just over 200 personnel to carry out its regulatory activities. This drastic reduction raises critical questions about the agency’s ability to effectively focus on its newly outlined priorities for 2025.
This article was republished on insideARM on April 22, 2025.
Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) released a memo to staff outlining its new supervision and enforcement priorities for 2025.