CFPB withdraws interpretive rules, advisory opinions, policy statements, more

May 12, 2025

The CFPB announced Friday it withdrew several pieces of guidance, interpretive rules, policy statements, and advisory opinions consistent with Executive Order 13891. Some of the now-removed guidance provided clarity and additional flexibility for credit unions.

America’s Credit Unions generally supports efforts to ensure the bureau is regulating through the official rulemaking process, rather than issuing guidance, to allow for a proper notice and comment period as well as stakeholder feedback. America’s Credit Unions will provide a comprehensive analysis of the withdrawn guidance most relevant to credit unions: 

  • Circular 2022-06 – Surprise Overdraft Fees, which determined “authorize positive, settle negative” APSN fees unfair.
  • Fair Credit Reporting Act (FCRA) Preemption (87 FR 41042), which narrowly interpreted FCRA preemption, greenlighting most state data privacy and credit reporting laws that were “not inconsistent” with the federal law.
  • Circular 2024-05 – Improper Overdraft Opt-In Practices, which stated that a financial institution cannot charge an overdraft fee on ATM or one-time debit transactions unless it can show verifiable evidence that the member affirmatively opted in.  
  • Abusive Acts & Practices Policy (88 FR 21883), which explained how the bureau would apply the “abusive” prong of UDAAP, emphasizing factors such as consumer comprehension and reasonable reliance. The policy provided a broad interpretation of “abusive.”
  • No-Action Letters (90 FR 1970), which created a formal application process promising the bureau would not bring supervisory or enforcement actions against a product or practice described in an approved no-action letter.
  • Compliance Assistance Sandbox (90 FR 1974), which, subject to an agreement approved by the bureau, allowed institutions to test innovative products under controlled conditions while enjoying a temporary shield from enforcement
  • Equal Credit Opportunity Act (ECOA) & LGBTQ+ Discrimination (86 FR 14363), which declared sexual orientation and gender identity discrimination illegal under Regulation B. 

Of note, withdrawal is not necessarily final. While some guidance might be reissued in the future, the bureau does not intend to prioritize the enforcement of such guidance against parties that do not conform to the guidance while the withdrawal is pending.  

The bureau has stated it is withdrawing these items while it evaluates whether the guidance is:  

  • Statutorily prescribed;
  • Consistent with statute or regulation; or
  • Imposes or decreases compliance burdens. 

In addition, the bureau stated it seeks to reduce overlap and duplicative enforcement with other agencies and does not wish to retain guidance which might burden entities while it is in the process of reviewing and evaluating guidance based on the three factors above.  

Some of the listed guidance is functionally inactive or no longer available on the CFPB’s website.