On May 12, 2025, the Consumer Financial Protection Bureau (CFPB) withdrew 67 guidance documents, dating back to 2011. The guidance removed includes eight policy statements, seven interpretative rules, 13 advisory opinions and 39 “other guidance”. This expected move, part of the larger federal regulatory rollback, is intended to reduce the compliance burdens placed by the previous administration’s CFPB. The rescinded guidance covers many important areas, including Unfair, Deceptive, or Abusive Acts or Practices, overdraft fees, Fair Credit Reporting Act, marketing and fair lending.  

Acting Director Russ Vought wrote that President Trump directed agencies to not use guidance documents to attempt to create new rights or obligations binding on persons or entities outside of the federal government. Vought added it is the CFPB's current policy to avoid issuing guidance except where necessary and where compliance burdens would be reduced rather than increased. Vought stated the withdrawn guidance should not be enforced or otherwise relied upon by the CFPB and the agency will continue reviewing all guidance documents to determine whether they should ultimately be retained. 

There of course is mixed reaction to the CFPB withdrawing the guidance. Consumer groups are concerned that withdrawing the guidance leaves consumers with less protection. Financial institution trade groups were in favor of withdrawing the guidance, as they feel the requirements in the guidance would have been best issued, if at all, via regulatory changes after going through a formal notice and comment process. They also feel that current regulatory requirements are too burdensome and these advisories only made it more so. 

Our Financial Institutions Group continues to monitor any regulatory changes impacting financial institutions. Rely on our compliance pros to stay ahead of updates and ensure your institution remains compliant.