The Consumer Financial Protection Bureau (CFPB) has announced a sweeping rollback of its own regulatory guidance, withdrawing a broad range of interpretive rules, policy statements, advisory opinions, and other materials issued since the Bureau’s inception in 2011. The decision reflects a new Bureau-wide policy aimed at reducing compliance burdens and limiting the use of non-binding guidance as a tool for shaping industry behavior.
“The CFPB is withdrawing many guidance documents issued since the CFPB assumed its functions in 2011,” the Bureau stated in its formal notice. The withdrawals are applicable as of their Federal Register publication date: May 15, 2025.
CFPB Internal Directive Preceded Guidance Withdrawal
Tampa, Fla., law firm Holland and Knight has observed that Bureau’s move follows an April 11, 2025, directive issued internally by CFPB leadership. That decree prohibits the improper use of guidance documents to impose compliance obligations outside the bounds of statutory or regulatory authority.
The directive also echoes the principles first articulated in Executive Order 13891, signed during the first Trump Administration in 2019. It criticized federal agencies for using informal guidance to establish de facto rules without going through formal notice-and-comment procedures.
Though that Executive Order was rescinded by the Biden Administration, the CFPB noted that “…the principles it expressed are required by laws such as the Administrative Procedure Act and are no less salient today” (Section I).
According to the Bureau, prior 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” (Section I). Even guidance that aligns with the law may be withdrawn if it increases—rather than decreases—regulatory burdens.
Three Justifications for CFPB’s Regulatory Rollback
In its Supplementary Information section, the CFPB outlined three independent reasons for the withdrawal.
1. Guidance must cut compliance burdens. “The Bureau is committed to issuing guidance only where that guidance is necessary and would reduce compliance burdens rather than increase them” (Section II). Historically, the Bureau stated, guidance was released without adequate consideration for the costs it imposed. All current materials are being reviewed for statutory necessity, consistency with existing law, and overall impact on compliance burdens.
2. A broader deregulatory posture. The Bureau’s enforcement priorities have shifted under a broader federal directive to streamline governance and reduce regulatory duplication. As explained in the notice, “the Bureau is reducing its enforcement activities in light of President Trump’s directives to deregulate and streamline bureaucracy” (Section II). This reduction aligns with Executive Order 14219, “Ensuring Lawful Governance and Implementing the President’s ‘Department of Government Efficiency’ Deregulatory Initiative” (Feb. 19, 2025).
Much of the CFPB’s enforcement authority overlaps with that of other federal and state regulators, including the DOJ, FTC, OCC, FDIC, Federal Reserve, and state attorneys general. With these overlapping enforcement mechanisms already in place, the CFPB determined that retaining additional guidance is unnecessary at this time.
3. No legitimate reliance interests justify keeping withdrawn guidance in place: Although some regulated entities may have structured practices around previously issued guidance, the Bureau asserted that such reliance does not warrant retention. “Guidance is generally nonbinding and generally does not create substantive rights,” the notice states (Section II). Furthermore, the CFPB pledged that it “will deprioritize enforcement against regulated parties whose conduct does not conform to the guidance during the pendency of any withdrawal.”
CFPB Rescinds Guidance on Fees for Account Information Requests
The notice cited specific examples of withdrawn guidance, including a 2023 advisory opinion that warned large banks and credit unions not to charge consumers fees for account information requests under section 1034(c) of the Consumer Financial Protection Act. That advisory suggested such fees “are likely to unreasonably impede consumers’ ability to exercise the right” under that statute.
The Bureau now argues, however, that “section 1034(c) is silent as to fees” and merely requires timely compliance with a request.
Another rescinded advisory opinion, published in January 2025, was withdrawn because “…its legal analysis [wa]s significantly flawed in numerous respects”.
Status of Withdrawn CFPB Guidance
While the Bureau has not ruled out reissuing guidance in the future, it states that it will only do so “…if the guidance is necessary and only if it reduces compliance burdens” (Section II). For now, all guidance listed in Section III of the notice is considered unenforceable.
The key takeaway for financial institutions is clear: Do not rely on withdrawn guidance when interpreting CFPB rules or setting compliance policies. Instead, focus on the text of statutes and regulations themselves.
While some interpretive clarity may be lost in the short term, the Bureau’s new position offers regulated entities a more predictable—if more formal—regulatory environment.
