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At our recent Research Assistant Peer Group meeting, the topic buzzing through the group was the CFPB’s notice announcing the withdrawal of several interpretive rules, policy statements, and advisory opinions. 

CFPB: Interpretive Rules, Policy Statements, and Advisory Opinions; Withdrawal   

Some in the industry see this as an opportunity to pull back on certain compliance practices or revisit decisions that were originally based on now-rescinded guidance. But is that really a smart move? 

Let’s be clear: this announcement did not change the underlying laws or regulations. These were interpretive documents, expressions of how the CFPB viewed the rules at the time. That guidance could be reinstated in weeks, months, or with the next administration. Don’t discount the progress your agency has made by aligning with them. 

Equally important: the states are stepping up. Many are already drafting or enforcing their own rules, some of which mirror or exceed the stringency of the federal guidance under review. For agencies operating across multiple states, tracking and complying with a patchwork of state laws will be complex and burdensome. 

State attorneys general are also expected to ramp up audits. And if you’ve been through both CFPB and AG audits, you know AG exams can be even more challenging. Having multiple enforcers instead of one central agency could create significant compliance strain. 

Bottom line: This is not the time to ease up. Instead, it’s a good moment to re-evaluate your past decisions and ensure your policies still make sense given today’s landscape. Use this as an opportunity to operate more efficiently, without compromising compliance, as we prepare for a potential surge in state-level regulations. 

And let’s not forget: this CFPB action doesn’t eliminate the rules. It only calls into question some of the guidance explaining them. That’s a key distinction. So be careful—don’t undo your progress and unintentionally create new risks. 

Documents and Crowdsourced Materials:   

• Member Questions: Recent CFPB updates, DEI policies, and more… 

Top Reads:   

• Citing CFPB cutbacks, Pennsylvania Governor is beefing up consumer protection efforts
• North Dakota Enacts Law Copycatting GLBA Safeguards Rule 

Upcoming Webinars/ Other Announcements:  

• Webinar – RA Compliance Corner: Are you ready for the next big Regulatory shift? Join us June 5th at 2:00 ET Register here.
• Important Announcement: All AI Notetaking Bots will be removed from Research Assistant Peer Group Meetings. This is to maintain the confidentiality of our peer members.
• Have topics you want to discuss during the peer call? Please send them to Sara_Consultant@roundtables.us by Thursday to ensure it makes it on our agenda!