Rule2025-08286
Interpretive Rules, Policy Statements, and Advisory Opinions; Withdrawal
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
May 12, 2025
Issuing agencies
Consumer Financial Protection Bureau
Abstract
The Consumer Financial Protection Bureau (CFPB or Bureau) is withdrawing many guidance documents issued since the CFPB assumed its functions in 2011.
Full Text
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<title>Federal Register, Volume 90 Issue 90 (Monday, May 12, 2025)</title>
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[Federal Register Volume 90, Number 90 (Monday, May 12, 2025)]
[Rules and Regulations]
[Pages 20084-20087]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-08286]
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CONSUMER FINANCIAL PROTECTION BUREAU
12 CFR Chapter X
Interpretive Rules, Policy Statements, and Advisory Opinions;
Withdrawal
AGENCY: Consumer Financial Protection Bureau.
ACTION: Withdrawal of Bureau guidance, interpretive rules, policy
statements, and advisory opinions.
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SUMMARY: The Consumer Financial Protection Bureau (CFPB or Bureau) is
withdrawing many guidance documents issued since the CFPB assumed its
functions in 2011.
DATES: The withdrawals are applicable as of May 12, 2025.
FOR FURTHER INFORMATION CONTACT: George Karithanom, Regulatory
Implementation and Guidance Program Analyst, Office of Regulations, at
202-435-7700 or <a href="https://reginquiries.consumerfinance.gov/">https://reginquiries.consumerfinance.gov/</a>. If you
require this document in an
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alternative electronic format, please contact
<a href="/cdn-cgi/l/email-protection#5615100614091735353325253f343f3a3f222f163530263478313920"><span class="__cf_email__" data-cfemail="682b2e382a37290b0b0d1b1b010a0104011c11280b0e180a460f071e">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
I. Background
Americans deserve an open and fair regulatory process that imposes
new obligations on the public only when consistent with applicable law
and after an agency follows appropriate procedures. In Executive Order
13891, President Trump directed that agencies should not use guidance
documents to attempt to create new rights or obligations binding on
persons or entities outside of the Federal Government. Instead, that
Executive order provided that agencies should impose legally binding
requirements on the public only through regulations and on parties on a
case-by-case basis through adjudications, and only after appropriate
process, except as authorized by law or as incorporated into a
contract. Although that Executive order was rescinded by the Biden
Administration, the principles it expressed are required by laws such
as the Administrative Procedure Act and are no less salient today. That
is why I issued a memorandum on April 11, 2025, prohibiting improper
use of guidance by the Bureau.
The CFPB has issued non-binding policy guidance in myriad forms
over its history. This guidance has taken the form of guidance
documents, interpretive rules, advisory opinions, and policy
statements. In many instances, this guidance has 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.\1\ But even where the
guidance might advance a permissible interpretation of the relevant
statute or regulation, or afforded the public an opportunity to weigh
in, it is the Bureau's current policy to avoid issuing guidance except
where necessary and where compliance burdens would be reduced rather
than increased.
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\1\ For example, the Bureau's 2023 advisory opinion relating to
consumer requests for account information suggests that ``requiring
a consumer to pay a fee'' for such a request ``is likely to
unreasonably impede consumers' ability to exercise the right granted
by section 1034(c) [of the Consumer Financial Protection Act], and
thus to violate the provision.'' Consumer Information Requests to
Large Banks and Credit Unions, 88 FR 71279 (Oct. 16, 2023). Yet
section 1034(c) is silent as to fees and merely requires large banks
and credit unions to ``comply with a consumer request for
information'' in ``a timely manner.'' See 12 U.S.C. 5534(c)(1). And,
just recently, the Bureau rescinded a 2020 advisory opinion because
``its legal analysis [wa]s significantly flawed in numerous
respects.'' See Truth in Lending (Regulation Z); Consumer Credit
Offered to Borrowers in Advance of Expected Receipt of Compensation
for Work, 90 FR 3622 (Jan. 15, 2025).
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On April 11, 2025, I instructed Bureau components to identify and
review all guidance material previously produced and flag for retention
guidance documents that conform to the principles set out in my
separate April 11 memorandum on guidance. Bureau leadership has
conducted a review of guidance documents and has determined to withdraw
all guidance materials identified in section III below. Such withdrawal
is not necessarily final. The Bureau intends to continue reviewing all
guidance documents to determine whether they should ultimately be
retained. However, the Bureau has determined that the guidance
identified in section III should not be enforced or otherwise relied
upon by the Bureau while this review is ongoing. Accordingly, the
Bureau is hereby withdrawing all of the guidance materials set forth in
section III below.
II. Analysis
The Bureau is withdrawing the guidance materials identified in
section III for three independent reasons.
First, the Bureau is committed to issuing guidance only where that
guidance is necessary and would reduce compliance burdens rather than
increase them. Historically, the Bureau has released guidance without
adequate regard for whether it would increase or decrease compliance
burdens and costs. Our policy has changed. To effectuate the Bureau's
new policy preference, the Bureau is withdrawing all guidance documents
to afford staff an opportunity to review and consider (1) whether the
guidance is statutorily prescribed, (2) whether the interpretation
therein is consistent with the relevant statute or regulation, and (3)
whether it imposes or decreases compliance burdens. The alternative--
leaving guidance documents in place while the Bureau reviews each
interpretation to determine its net effect on compliance burdens--risks
imposing unnecessary and illegal compliance burdens in the interim. The
Bureau rejects that alternative. While some guidance might be reissued
in the future, the Bureau does not intend to prioritize the enforcement
of such guidance against parties that do not conform to the guidance
during the pendency of any withdrawal.
Second, the Bureau is reducing its enforcement activities in light
of President Trump's directives to deregulate and streamline
bureaucracy, and therefore has no pressing need for interpretive
guidance to remain in effect.\2\ Many of the Bureau's enforcement
responsibilities overlap with or are duplicative of other Federal and
State regulators, including the Federal Trade Commission, the
Department of Justice, and financial regulators.\3\ To reduce this
overlap and mitigate the unnecessary compliance burdens posed by
duplicative investigative and enforcement authority, the Bureau is
reducing its own enforcement to only those areas statutorily required.
Withdrawing guidance that might have guided or animated all of the
Bureau's enforcement efforts therefore should not adversely affect
regulated parties.
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\2\ E.O. 14219 of February 19, 2025, Ensuring Lawful Governance
and Implementing the President's ``Department of Government
Efficiency'' Deregulatory Initiative.
\3\ The states maintain jurisdiction over many institutions also
within the Bureau's regulatory purview. 12 U.S.C. 5551 et seq. State
attorneys general may even bring actions to enforce the Dodd-Frank
Wall Street Reform and Consumer Protection Act, see 12 U.S.C.
5552(a). Similarly, the Bureau's jurisdiction over depository
institutions is shared by the Federal Deposit Insurance Corporation,
the Office of the Comptroller of Currency, and the Federal Reserve
Board of Governors. And, like the Bureau, the Federal Trade
Commission maintains broad authority to regulate unfair and
deceptive practices. Compare 12 U.S.C. 5551, with 15 U.S.C. 45.
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Third, the Bureau does not believe that any reliance interests
compel retention of guidance for several reasons. As a threshold
matter, parties understand that guidance is generally non-binding and
generally does not create substantive rights. In addition, as explained
above, the Bureau will deprioritize enforcement against regulated
parties whose conduct does not conform to the guidance during the
pendency of any withdrawal. Finally, to the extent guidance materials
or portions thereof go beyond the relevant statute or regulation, they
are unlawful, undermining any reliance interest in retaining that
guidance. Where guidance is not per se unlawful, the Bureau nonetheless
determines that guidance should be withdrawn and that it should be
reissued only if the guidance is necessary and only if it reduces
compliance burdens. The Bureau determines that the benefits of this
policy outweigh the cost to any purported reliance interests.
III. Guidance Withdrawn
Through this notification, the Bureau is hereby withdrawing the
following guidance materials:
Policy Statements
1. Policy Statement on No Action Letters, 90 FR 1970 (Jan. 10,
2025).
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2. Policy Statement on Compliance Assistance Sandbox Approvals, 90
FR 1974 (Jan. 10, 2025).
3. Statement of Policy Regarding Prohibition on Abusive Acts or
Practices, 88 FR 21883 (Apr. 12, 2023).
4. Statement on Enforcement and Supervisory Practices Relating to
the Small Business Lending Rule Under the Equal Credit Opportunity Act
and Regulation B, 88 FR 34833 (May 31, 2023).
5. Statement on Supervisory and Enforcement Practices Regarding the
Remittance Rule in Light of the COVID-19 Pandemic (Apr. 10, 2020),
<a href="https://files.consumerfinance.gov/f/documents/cfpb_policy-statement_remittances-covid-19_2020-04.pdf">https://files.consumerfinance.gov/f/documents/cfpb_policy-statement_remittances-covid-19_2020-04.pdf</a>.
6. Disclosure of Consumer Complaint Narrative Data, 80 FR 15572
(Mar. 24, 2015).
7. Disclosure of Consumer Complaint Data, 78 FR 21218 (Apr. 10,
2013).
8. Disclosure of Certain Credit Card Complaint Data, 77 FR 37558
(June 22, 2012).
Interpretive Rules
1. Use of Digital User Accounts to Access Buy Now, Pay Later Loans,
89 FR 47068 (May 31, 2024).
2. Limited Applicability of Consumer Financial Protection Act's
`Time or Space' Exception to Digital Marketers, 87 FR 50556 (Aug. 17,
2022).
3. The Fair Credit Reporting Act's Limited Preemption of State
Laws, 87 FR 41042 (July 11, 2022).
4. Authority of States to Enforce the Consumer Financial Protection
Act of 2010, 87 FR 31940 (May 26, 2022).
5. Examinations for Risks to Active-Duty Servicemembers and Their
Covered Dependents, 86 FR 32723 (June 23, 2021).
6. Equal Credit Opportunity (Regulation B); Discrimination on the
Bases of Sexual Orientation and Gender Identity, 86 FR 14363 (Mar. 16,
2021).
7. Bulletin clarifying mortgage lending rules to assist surviving
family members (July 8, 2014), <a href="https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-mortgage-lending-rules-surviving-family-members/">https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-mortgage-lending-rules-surviving-family-members/</a>.
Advisory Opinions
1. Truth in Lending (Regulation Z); Consumer Credit Offered to
Borrowers in Advance of Expected Receipt of Compensation for Work, 90
FR 3622 (Jan. 15, 2025).
2. Fair Credit Reporting; File Disclosure, 89 FR 4167 (Jan. 23,
2024).
3. Debt Collection Practices (Regulation F); Deceptive and Unfair
Collection of Medical Debt, 89 FR 80715 (Oct. 4, 2024).
4. Fair Credit Reporting; Background Screening, 89 FR 4171 (Jan.
23, 2024).
5. Truth in Lending (Regulation Z); Consumer Protections for Home
Sales Financed Under Contracts for Deed, 89 FR 68086 (Aug. 23, 2024).
6. Consumer Information Requests to Large Banks and Credit Unions,
88 FR 71279 (Oct. 16, 2023).
7. Fair Debt Collection Practices Act (Regulation F); Time-Barred
Debt, 88 FR 26475 (May 1, 2023).
8. Fair Credit Reporting; Permissible Purposes for Furnishing,
Using, and Obtaining Consumer Reports, 87 FR 41243 (July 12, 2022).
9. Debt Collection Practices (Regulation F); Pay-to-Pay Fees, 87 FR
39733 (July 5, 2022).
10. Equal Credit Opportunity (Regulation B); Revocations or
Unfavorable Changes to the Terms of Existing Credit Arrangements, 87 FR
30097 (May 18, 2022).
11. Fair Credit Reporting; Name-Only Matching Procedures, 86 FR
62468 (Nov. 10, 2021).
12. Truth in Lending (Regulation Z); Earned Wage Access Programs,
85 FR 79404 (Dec. 10, 2020).
13. Truth in Lending (Regulation Z); Private Education Loans, 85 FR
79400 (Dec. 10, 2020).
Other Guidance
1. Consumer Financial Protection Circular 2024-06: Background
Dossiers and Algorithmic Scores for Hiring, Promotion, and Other
Employment Decisions, 89 FR 88875 (Nov. 12, 2024).
2. Consumer Financial Protection Circular 2024-05: Improper
Overdraft Opt-in Practices, 89 FR 8007 (Oct. 2, 2024).
3. Consumer Financial Protection Circular 2024-04: Whistleblower
protections under CFPA Section 1057, 89 FR 65170 (Aug. 9, 2024).
4. Consumer Financial Protection Circular 2024-03: Unlawful and
unenforceable contract terms and conditions, 89 FR 51955 (June 21,
2024).
5. Consumer Financial Protection Circular 2024-02: Deceptive
marketing practices about the speed or cost of sending a remittance
transfer, 89 FR 27357 (Apr. 17, 2024).
6. Consumer Financial Protection Circular 2024-01: Preferencing and
steering practices by digital intermediaries for consumer financial
products or services, 89 FR 17706 (Mar. 12, 2024).
7. Consumer Financial Protection Circular 2023-03: Adverse action
notification requirements and the proper use of the CFPB's sample forms
provided in Regulation B, 89 FR 27361 (Apr. 17, 2024).
8. Consumer Financial Protection Circular 2023-02: Reopening
deposit accounts that consumers previously closed, 88 FR 33545 (May 24,
2023).
9. Consumer Financial Protection Circular 2023-01: Unlawful
negative option marketing practices, 88 FR 5727 (Jan. 30, 2023).
10. Consumer Financial Protection Circular 2022-07: Reasonable
investigation of consumer reporting disputes, 87 FR 71507 (Nov. 23,
2022).
11. Consumer Financial Protection Circular 2022-06: Unanticipated
overdraft fee assessment practices, 87 FR 66935 (Nov. 7, 2022).
12. Consumer Financial Protection Circular 2022-05: Debt collection
and consumer reporting practices involving invalid nursing home debts,
87 FR 57375 (Sept. 20, 2022).
13. Consumer Financial Protection Circular 2022-04: Insufficient
data protection or security for sensitive consumer information, 87 FR
54346 (Sept. 6, 2022).
14. Consumer Financial Protection Circular 2022-03: Adverse action
notification requirements in connection with credit decisions based on
complex algorithms, (87 FR 35864 (June 14, 2022).
15. Consumer Financial Protection Circular 2022-02: Deceptive
representations involving the FDIC's name or logo or deposit insurance,
87 FR 35866 (June 14, 2022).
16. Consumer Financial Protection Circular 2022-01: System of
Consumer Financial Protection Circulars to agencies enforcing federal
consumer financial law, 87 FR 35868 (June 14, 2022).
17. Bulletin 2023-01: Unfair Billing and Collection Practices After
Bankruptcy Discharges of Certain Student Loan Debts, 88 FR 17366 (Mar.
23, 2023).
18. Bulletin 2022-06: Unfair Returned Deposited Item Fee Assessment
Practices, 87 FR 66940 (Nov. 7, 2022).
19. Bulletin 2022-05: Unfair and Deceptive Acts or Practices That
Impede Consumer Reviews, 87 FR 17143 (Mar. 28, 2022).
20. Bulletin 2022-04: Mitigating Harm from Repossession of
Automobiles, 87 FR 11951 (Mar. 3, 2022).
21. Bulletin 2022-03: Servicer Responsibilities in Public Service
Loan Forgiveness Communications, 87 FR 11286 (Mar. 1, 2022).
22. Bulletin 2022-01: Medical Debt Collection and Consumer
Reporting Requirements in Connection with the No Surprises Act, 87 FR
3025 (Jan. 20, 2022).
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23. Enforcement Compliance Bulletin 2021-03: Consumer Reporting of
Rental Information, 86 FR 35595 (July 7, 2021).
24. Bulletin 2021-02: Supervision and Enforcement Priorities
Regarding Housing Insecurity, 86 FR 17897 (Apr. 7, 2021).
25. Policy Guidance on Supervisory and Enforcement Priorities
Regarding Early Compliance with the 2016 Amendments to the 2013
Mortgage Rules Under the Real Estate Settlement Procedures Act
(Regulation X) and the Truth in Lending Act (Regulation Z), 82 FR 29713
(June 30, 2017).
26. Bulletin 2016-03: Detecting and Preventing Consumer Harm from
Production Incentives, 82 FR 5541 (Jan. 18, 2017).
27. Bulletin 2015-07 re: in-person collection of consumer debt
(Dec. 16, 2015), <a href="https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-personal-collection-consumer-debt/">https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-personal-collection-consumer-debt/</a>.
28. Bulletin 2015-02 re: Section 8 housing choice voucher
homeownership program (May 11, 2015), <a href="https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-section-8-housing-choice-voucher-homeownership-program/">https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-section-8-housing-choice-voucher-homeownership-program/</a>.
29. Bulletin 2014-02 re: marketing of credit card promotional APR
offers (Sept. 3, 2014), <a href="https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-marketing-credit-card-promotional-apr-offers/">https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-marketing-credit-card-promotional-apr-offers/</a>.
30. Bulletin 2014-01 re: FCRA requirement that furnishers conduct
investigations (Feb. 27, 2014), <a href="https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-fcra-requirement-furnishers-conduct-investigations/">https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-fcra-requirement-furnishers-conduct-investigations/</a>.
31. Bulletin 2013-09 re: the FCRA's requirement to investigate
disputes and review ``all relevant'' information (Sept. 4, 2013),
<a href="https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-fcra-requirement-investigate-disputes/">https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-fcra-requirement-investigate-disputes/</a>.
32. Bulletin 2013-07 re: prohibition of unfair, deceptive, or
abusive acts or practices in the collection of consumer debts (July 10,
2013), <a href="https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-prohibition-practices-collection-consumer-debts/">https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-prohibition-practices-collection-consumer-debts/</a>.
33. Bulletin 2013-01 re: indirect auto lending and compliance with
the Equal Credit Opportunity Act (Mar. 21, 2013), <a href="https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-indirect-auto-lending-compliance/">https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-indirect-auto-lending-compliance/</a>.
34. Bulletin 2012-09 re: FCRA's streamlined process requirement for
consumers to obtain free annual reports (Nov. 29, 2012), <a href="https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-fcra-process-requirement-consumers/">https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-fcra-process-requirement-consumers/</a>.
35. Bulletin 2012-08 re: implementation of the remittance rule
(Regulation E, Subpart B) (Nov. 27, 2012), <a href="https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-implementation-remittance-rule/">https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-implementation-remittance-rule/</a>.
36. Bulletin 2012-06 re: marketing of credit card add-on products
(June 27, 2011), <a href="https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-marketing-credit-card-add-on-products/">https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-marketing-credit-card-add-on-products/</a>.
37. Bulletin 2012-04 re: lending discrimination.
38. Bulletin 2012-02 re: the payment of compensation to loan
originators (April 2, 2012), <a href="https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-payment-compensation-loan-originators/">https://www.consumerfinance.gov/compliance/supervisory-guidance/bulletin-payment-compensation-loan-originators/</a>.
39. Bulletin 11-2 re: the Interstate Land Sales Full Disclosure
Act, <a href="https://files.consumerfinance.gov/f/201107_CFPB_Guidance_ILS-Communications-With-CFPB-Update-July-202012.pdf/">https://files.consumerfinance.gov/f/201107_CFPB_Guidance_ILS-Communications-With-CFPB-Update-July-202012.pdf/</a>.
Russell T. Vought,
Acting Director, Consumer Financial Protection Bureau.
[FR Doc. 2025-08286 Filed 5-9-25; 8:45 am]
BILLING CODE 4810-AM-P
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