15 May 2025
📜CFPB Rescinds State Enforcement Rule Impacting Financial Businesses
Authority of States To Enforce the Consumer Financial Protection Act of 2010; Rescission
Summary
The Consumer Financial Protection Bureau (Bureau or CFPB) is rescinding its May 2022 interpretive rule regarding the scope of State enforcement under section 1042 of the Consumer Financial Protection Act of 2010 (CFPA) and related provisions.
Agencies
- Consumer Financial Protection Bureau
Business Impact
$$ - Med
The rescission of the CFPB's May 2022 interpretive rule limits state enforcement power under the Consumer Financial Protection Act, indicating that businesses may face reduced regulatory scrutiny and a clearer enforcement landscape. This is significant for compliance strategies and operational frameworks within industries subject to CFPB regulations.