The move is unlikely to have much impact on states, according to industry attorneys.

According to industry insiders, there is room for state and federal regulators while also supporting the independence of federal agencies.

Republicans in the House urged the CFPB to rescind Biden-era guidance documents, interpretive rules, advisory opinions and circulars that weren’t issued pursuant to the Administrative Procedure Act.

Jonathan McKernan, nominee for CFPB director, said he thought former CFPB Director Rohit Chopra was “on to something” by focusing on data collection issues.

Proposed in January, the rule would ban the use of certain terms in contracts for consumer financial products or services that limit the rights of consumers.

The October 2023 final rule provided several major updates to the Community Reinvestment Act, but the rule’s implementation has been stalled due to a lawsuit by trade groups representing banks.

California’s new climate-disclosure reporting requirements are set to take effect next year and will change reporting standards for covered entities. The MBA is seeking some changes to the standards.

The American Fintech Council asked Acting CFPB Director Russell Vought to start making changes.

PHH claimed that the Supreme Court’s ruling to overturn Chevron deference made the CFPB’s RESPA regulations invalid as far as civil claims filed by mortgage borrowers.

Financial entities who fail to comply with the Home Mortgage Disclosure Act’s requirements are at risk of enforcement actions by a future Democratic administration or at the state level.