CFPB withdrawing more than a decade of guidance materials

The Consumer Financial Protection Bureau announced the withdrawal of certain guidance, interpretive rules, policy statements, and advisory opinions issued since 2011.

Details: A CFPB notice scheduled to publish today in the Federal Register lists dozens of affected guidance materials, including its April 2023 policy statement on abusive acts and practices, advisory opinions under Truth in Lending (Regulation Z), and circulars on overdraft opt-in practices and remittance transfers.

Inconsistent Interpretations: In a memo included in the Federal Register notice, CFPB Acting Director Russell Vought said the bureau is withdrawing the guidance materials following a review because they often have adopted interpretations that are inconsistent with the statutory text and impose compliance burdens on regulated parties outside of the rulemaking process.

Ongoing Review: Vought added that the CFPB intends to continue reviewing all guidance documents to determine whether they should ultimately be retained.

ICBA Advocacy: In a letter to Vought in his role as Office of Management and Budget director, ICBA in February called on the administration to fast-track repeals of harmful and burdensome rules and reissue tiered and rightsized regulations. ICBA in February also thanked Vought for taking on the role of acting CFPB director.