Today, the Consumer Financial Protection Bureau (CFPB or Bureau) announced the withdrawal of 67 regulatory guidance documents, including interpretive rules, policy statements, and advisory opinions that have been issued since the Bureau’s inception in 2011. The withdrawn guidance documents impact most federal consumer protection laws, including the Consumer Financial Protection Act of 2010 (CFPA), Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Equal Credit Opportunity Act (ECOA), Truth in Lending Act (TILA), Electronic Fund Transfer Act (EFTA), and Military Lending Act (MLA).
Treasury Secretary Scott Bessent announced May 9 that President Trump intends to nominate Jonathan McKernan, his nominee to head the CFPB, as the Undersecretary of Domestic Finance at Treasury.
The Senate Banking Committee approved McKernan’s nomination to head the CFPB on March 6, but it has not gone to the Senate floor. It is unclear whether the Trump Administration will withdraw McKernan’s nomination for that position.
Governor Kathy Hochul today signed new legislation as part of the FY26 Enacted Budget that will protect consumers across New York and fight back against scams or exploitative practices. From simplifying the process of canceling recurring online subscriptions to cracking down on overdraft fees that target low-income consumers, these new laws will help New Yorkers fight back against unfair corporate practices.
Today the Federal Trade Commission voted to defer the compliance deadline for the amended Negative Option Rule by 60 days. The Commission issued a statement on the new deadline.
The Commission vote to postpone the compliance deadline was 3-0.
The Consumer Financial Protection Bureau (CFPB) is shifting its focus when it comes to oversight and enforcement in the growing Buy Now, Pay Later (BNPL) market.
In a recent announcement, the bureau stated that it will no longer prioritize enforcement actions based on its previous interpretation that classified BNPL lenders under credit card regulations. This change signals a potential rollback of a rule issued last year that required BNPL providers to offer consumers the same legal protections as traditional credit cards—such as the ability to dispute charges and receive refunds for returned items.
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