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CFPB Withdraws Protections
#financialliteracy #VLGDreamTeam #cfpb

Buckle up, because the Consumer Financial Protection Bureau (CFPB) just hit the "delete" key on a mountain of old guidance.

In a bold move published on May 12, 2025, the CFPB announced it's withdrawing a ton of interpretive rules, policy statements, and advisory opinions that have been stacking up since the Bureau’s inception in 2011. Why? Russell T. Vought, CFPB's Acting Director, said he wants to clean house and make sure it’s not accidentally bossing people around with documents that were never meant to be legally binding in the first place.

Here’s the gist:

Out with the old:
The CFPB is scrapping guidance that may have overstepped, created confusion, or imposed burdens without going through proper rulemaking channels.

New sheriff, new memo:
A fresh directive from April 11, 2025, laid the groundwork for this purge, emphasizing that guidance should only be used when absolutely necessary, and only if it makes life easier, not harder.

In short, the CFPB is slashing its guidance library. If it doesn’t spark legal clarity, it’s out. The goal? A leaner, cleaner, and more transparent regulatory environment.

Bottom line for Issuers of Credit:
This will make it easier to conduct business with less regulations to abide by.

Bottom line for Consumers:
Less protections, increased fees, and possible denial of credit.