CFPB Withdraws Dozens of Guidance Documents in Deregulation Push
The Consumer Financial Protection Bureau on Friday announced the withdrawal of nearly 70 guidance documents, interpretive rules, policy statements and advisory opinions.
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The CFPB, in a Federal Register notice scheduled for Monday publication, said many of the documents “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.” The bureau said it's continuing to review other agency materials for further withdrawal.
The Electronic Privacy Information Center condemned the decision. “The guidance withdrawn today was issued by the CFPB to promote privacy, clarity, transparency, fairness, and equity in financial markets,” said EPIC Law Fellow Caroline Kraczon in a statement Friday. “By withdrawing CFPB guidance, the Trump Administration sends a clear message that abuse by financial institutions against consumers will be tolerated -- or even welcomed.”