Sixty-seven guidance documents issued by the Consumer Financial Protection Bureau (CFPB) since its inception in 2011 are now rescinded, according to a notice in Monday’s Federal Register.
The notice, signed by acting CFPB Director Russell Vought (head of the Office of Management and Budget [OMB]), refers to an executive order issued by President Donald Trump (R) in 2019 – and since rescinded by former President Joe Biden (D) – in explaining the action.
“In Executive Order 13891, President Trump directed that agencies should not use guidance documents to attempt to create new rights or obligations binding on persons or entities outside of the Federal Government,” according to the notice. While the order had been rescinded, “the principles it expressed are required by laws such as the Administrative Procedure Act and are no less salient today,” it states.
The notice says Vought issued a memorandum April 11 “prohibiting improper use of guidance by the Bureau” and instructing bureau components “to identify and review all guidance material previously produced and flag for retention guidance documents that conform to the principles set out in my separate April 11 memorandum on guidance.”
It states that the withdrawal of the guidance documents “is not necessarily final,” as the bureau “intends to continue reviewing all guidance documents to determine whether they should ultimately be retained.”
The notice is silent on what remains of the bureau’s guidance. Meanwhile, it says the rescinded guidance “should not be enforced or otherwise relied upon by the Bureau while this review is ongoing.”
Rescinded as of Monday were eight policy statements, seven interpretive rules, 13 advisory opinions, and 39 “other” guidance documents (circulars, bulletins, policy guidance). Among these are the bureau’s early 2025 policy statements meant to improve the agency’s regulatory compliance “sandbox” initiative and no-action letter program; 2023 statement of policy regarding prohibition of abusive acts or practices; a 2021 interpretive rule on examinations for risks to active-duty servicemembers and covered dependents; advisory opinions issued under the Fair Credit Reporting Act (FCRA).