CFPB Withdraws 67 Regulatory Guidance Documents in Major Policy Shift

The Consumer Financial Protection Bureau (CFPB) is undertaking significant regulatory rollbacks, including a proposal to rescind the “NBR Rule” that required a registry of nonbank financial companies with consumer law violations, citing excessive costs and regulatory burdens. Acting Director Russell Vought emphasized that existing federal and state enforcement authorities render the registry unnecessary. Concurrently, the CFPB has withdrawn 67 guidance documents, including interpretive rules, advisory opinions, and policy statements related to major consumer protection laws, marking a substantial shift in the bureau's regulatory approach under the current administration. This withdrawal is part of a broader deregulatory agenda aligned with principles from a Trump-era executive order, aiming to reduce compliance burdens and limit the issuance of guidance unless necessary. These moves have sparked political controversy, with Democrats accusing the administration of attempting to dismantle the CFPB, especially amid ongoing litigation over staffing cuts and leadership uncertainties. The bureau has indicated that some of these withdrawals may be reconsidered upon further review, but in the meantime, the withdrawn guidance should not be relied upon or enforced.