In a sweeping announcement, the Consumer Financial Protection Bureau (CFPB) revoked nearly 70 interpretive rules, advisory opinions, and guidance documents on May 12, 2025. The Federal Register Notice adds to the pullback on enforcement actions and other key moves taken by the CFPB’s Acting Director including, on May 23, 2025, its position filed in pending litigation that the Open Banking Rule should be vacated as unlawful.
The withdrawal of a wide swath of prior guidance is consistent with the existing priorities of this administration, including drastically reducing regulatory burden and the size and reach of the Bureau. Notably, however, the CFPB continues to pursue cases involving consumer reporting, online installment lending, mortgage lending, and debt collection and left in place certain guidance documents.
This LawFlash discusses the revocation action, the enforcement actions dismissed, and those still pending, and puts these actions in context with the stated priorities of the new CFPB leadership. Below, we summarize by market sector all the rules, advisory opinions, and guidance rescinded by the CFPB since the presidential transition. For a detailed breakdown by market sector, see our CFPB Guidance Tracker, which displays all rescinded and remaining guidance documents. Our consumer financial services team will continue to monitor and evaluate the CFPB’s actions to withdraw prior actions and to pursue new priorities.
Since its inception, the CFPB has relied on compliance bulletins, advisory opinions, interpretive rules and more recently, “circulars” to provide its views regarding priorities and interpretations of federal consumer financial laws. Since the transition of leadership at the CFPB in February, the Bureau has announced significant policy and operational changes. These announcements have been accompanied by the Bureau rescinding guidance and seeking dismissal of pending litigation, including in cases where plaintiffs lodged challenges to final agency rules.
On May 12, 2025, the largest single revocation by CFPB Acting Director Russell Vought occurred with the issuance of its Withdrawal of Bureau guidance, interpretive rules, policy statements, and advisory opinions. This document announced the withdrawal of a total of 67 guidance documents: eight policy statements, seven interpretive rules, 13 advisory opinions, and 39 other guidance documents such as circulars and bulletins.
Our analysis reveals that there remain unaffected guidance and enforcement actions, and not all the withdrawals are likely to be seen as helpful or informative to industry and stakeholders.
Many of the now-withdrawn guidance documents received justified criticism for their overbreadth and expansion of settled legal principles. For example, the Bureau withdrew the 2024 circular titled Improper Overdraft Opt-in Practices. This Circular imposed additional requirements—beyond what the regulation requires—on institutions’ record-keeping practices without going through formal notice-and-comment rulemaking under the Administrative Procedure Act.
In addition, as we discussed in a previous LawFlash, the Bureau sought unilaterally to overturn guidance issued in 2011 by the Federal Trade Commission by opining that the Fair Credit Reporting Act (FCRA) applies to entities that offer workplace tracking technology, including artificial intelligence algorithmic scores and to the employers who use that information when making employment-related decisions.
However, we believe that some of the withdrawn guidance documents were potentially helpful to industry or, alternatively, at least one revocation results in less clarity. For example, the Bureau withdrew the December 2020 Advisory Opinion titled Truth in Lending (Regulation Z); Private Education Loans. This document was drafted to respond to industry participants who expressed uncertainty regarding whether private refinancings of federal student loans are subject to the disclosure and other provisions of Regulation Z. Withdrawing this Advisory Opinion potentially casts some doubt on what disclosures are required in this area of private consolidations of federal student loans.
In a move that may inject uncertainty in the Bureau’s current position, the Bureau withdrew the December 2020 Advisory Opinion titled Truth in Lending (Regulation Z); Earned Wage Access Programs. This Advisory Opinion expressed the view that certain Earned Wage Access products do not involve the offering or extension of “credit” under Regulation Z. However, this Advisory Opinion was later rescinded in a January 15, 2025 Advisory Opinion.
However, the Bureau has not withdrawn an Interpretive Rule proposed on July 31, 2024 on this same topic which articulated the view that Earned Wage Access products are an extension of credit covered by Regulation Z. Thus, without an explicit withdrawal of the July 31, 2024 proposed interpretive rule, the withdrawal of the December 2020 Advisory Opinion potentially leaves industry with less clarity regarding what the regulatory obligations are for such products.
In total, we have identified (and categorize below) at least 20 guidance documents that were listed as withdrawn on the May 12 list that we believe would be seen as potentially helpful and/or responsive to calls for clarity from regulated entities.
Finally, our analysis has also identified a number of guidance documents that have not been withdrawn. Some of these materials may have application to current business practices and otherwise surprise industry participants who believe incorrectly that all such guidance has been withdrawn. In addition to the proposed July 31, 2024 Interpretive Rule covering Earned Wage Access products, mentioned above, the December 2024 Circular 2024-07 regarding Credit Card Rewards Programs has not been withdrawn or rescinded.
In all, we have identified at least 33 guidance documents that have not been withdrawn by the CFPB, as well as two final rules finalized in January 2025 that have not been rescinded or subjected to revocation by Congress under the Congressional Review Act.
In addition to the May 12, 2025 action, the CFPB has withdrawn, rescinded, or voluntarily dismissed other guidance documents, proposed or final rules, enforcement matters in litigation, previously issued settlements, and supervisory designations. For example, on May 23, 2025, the CFPB announced in a litigation filing that it has concluded that the final Personal Financial Data Rights Rule issued on November 18, 2024, was “unlawful and should be set aside.” As far as active litigation, we have found that the CFPB has, thus far, dismissed at least 18 cases that were pending in federal court and sought to vacate settlements in four additional cases.
Additionally, the CFPB has rescinded its supervisory designations of nonbank entities previously issued under its authority under Section 1024(a)(1)(C) of the Consumer Financial Protection Act to designate nonbank covered persons for supervision that the CFPB has reasonable cause to believe are engaged in conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services.
For example, the CFPB withdrew its supervisory designation as to an installment lender on May 12, 2025, and withdrew its supervisory designation as to a digital wallet provider on May 7, 2025. Further, on May 14, 2025, the CFPB published a notice of proposed rulemaking that, if finalized, would rescind its procedures for designating nonbank covered persons for supervision under this authority.
The CFPB continues to actively litigate certain cases and has provided a general outline of its priorities going forward. The cases still being litigated involve consumer reporting, online installment loans, mortgage lending, student lending, and debt collection. Also in April 2025, the chief legal officer of the CFPB, Mark Paoletta, sent a memorandum to all staff setting forth the priorities of the new leadership. Key aspects of the priorities include the following:
Continued focus on the mortgage, consumer reporting and furnishing, and collection markets will be important for banks and nonbanks alike. And while the CFPB may be reducing its supervisory and enforcement presence, the Federal Trade Commission and state attorneys general and other state regulators will continue to exert authority over players in this market.
Many of the consumer financial laws, particularly the Fair Credit Reporting Act (FCRA), allow for private plaintiffs to bring actions against financial institutions, providing another potential exposure to risk. Our consumer financial services team is skilled in guiding clients as they navigate the new regulatory and enforcement landscape, including as to matters still pending before the CFPB, and help ensure they are in the strongest compliance position possible.
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