The U.S. Consumer Financial Protection Bureau (CFPB) announced plans to rescind nearly 70 policy and regulatory guidance documents issued since 2011. This move is part of a broader reorientation of the agency’s direction under President Donald Trump’s administration. The documents targeted for elimination include guidelines on debt collection in nursing homes, oversight of financial services provided to military servicemembers, anti-discrimination lending standards, and the publication of consumer complaint data. Acting CFPB Director Russell Vought stated that some of these documents imposed unlawful or excessive compliance burdens and argued that new guidance would be issued only when essential and minimally burdensome. Although the decision is not final, the CFPB will not enforce the rescinded documents during the review period. Critics, including Better Markets legal counsel Brady Williams, warned that this could undermine the CFPB’s consumer protection capabilities, potentially dismantling key public tools such as the consumer complaint database. The announcement follows a Supreme Court decision that affirmed courts, rather than federal agencies, should interpret complex regulatory laws.

Source: Reuters