financetom
Business
financetom
/
Business
/
US consumer watchdog to scrap scores of financial oversight policies issued since 2011
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US consumer watchdog to scrap scores of financial oversight policies issued since 2011
May 26, 2025 5:18 AM

(Reuters) -The U.S. Consumer Financial Protection Bureau issued a list on Friday of nearly 70 policy and regulatory guidance documents stretching back more than a decade that the agency plans to rescind.

The announcement, which was not final, was the latest step in the administration's radical reorientation of the CFPB's work under President Donald Trump.

The agency, created after the 2008 financial crisis to serve as a watchdog for American consumers against predatory business practices, did not immediately respond to requests for comment.

The documents rescinded provided policy and guidance oversight on matters as varied as debt collections in nursing homes, supervision of companies offering financial services to military servicemembers, discrimination in lending based on gender and sexual orientation and the publication of consumer complaint data. Some were policies and guidance issued under the prior Trump administration.

In a notice posted Friday to the Federal Register's website, acting CFPB Director Russell Vought said the policy documents -- which offer interpretations of existing law and announce bureau priorities -- sometimes imposed illegal requirements on companies or simply increased the regulatory burden unnecessarily.

Even where guidance documents were not necessarily improper, "it is the Bureau's current policy to avoid issuing guidance except where necessary and where compliance burdens would be reduced rather than increased," Vought said.

Republicans have long charged that the CFPB used such policy documents to avoid issuing regulations subject to public comment and legal challenges.

The decision to scrap them is not yet final but the bureau will not enforce them during a pending review, according to Vought.

Before Trump fired former CFPB Director Rohit Chopra in February, the agency released a compendium of its guidance documents, noting that under a Supreme Court decision last year, courts, and not federal agencies, will have the final say in how arcane regulatory laws must be interpreted.

Both Trump and billionaire adviser Elon Musk had earlier said the CFPB should be eliminated altogether, accusing prior leadership of politicized enforcement.

The agency's defenders have said it performs vital services and charged that Musk's involvement in attempts to shut it down through the so-called Department of Government Efficiency constitute a major conflict of interest, given Musk's plans to enter the financial services sector.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
Copyright 2023-2026 - www.financetom.com All Rights Reserved