15 May 2025
📜CFPB Withdraws Proposed Rule on Consumer Financial Agreements
Prohibited Terms and Conditions in Agreements for Consumer Financial Products or Services (Regulation AA); Withdrawal of Proposed Rule
Summary
The Consumer Financial Protection Bureau (Bureau or CFPB) is withdrawing its Notice of Proposed Rule: Prohibited Terms and Conditions in Agreements for Consumer Financial Products or Services (Regulation AA) (NPRM). The Bureau has determined that legislative rulemaking is not necessary or appropriate at this time to address the subject matter of the NPRM. The Bureau will not take any further action on the NPRM.
Agencies
- Consumer Financial Protection Bureau
Business Impact
$ - Low
The content primarily involves the withdrawal of a proposed rule that would have prohibited certain contractual provisions in consumer financial products, but this withdrawal does not create new regulatory or compliance requirements for businesses. It indicates a decision not to impose additional burdens at this time.