CFPB Withdraws Guidance Documents in Shift from Nonbinding Policymaking // Cooley // Global Law Firm
Summary by Consumer Finance Monitor
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CFPB rescinds 67 guidance documents
Contending that policies implemented by guidance represent an unfair regulatory burden and might be contrary to federal law, the CFPB is rescinding 67 guidance documents issued since the bureau began operating in 2011. “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,” Acting CF…
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