NACA in the News: CFPB to Withdraw 67 Guidance Documents in Trump Pullback (1)

Bloomberg Law, CFPB to Withdraw 67 Guidance Documents in Trump Pullback (1)

“But banks may miss some of the certainty that the guidance documents provided, particularly the longstanding interpretations of federal law, said Christine Hines, the National Association of Consumer Advocates’ senior policy director.

And just because the CFPB says the guidance documents are withdrawn doesn’t mean courts have to agree, she said.

That’s particularly true following last year’s US Supreme Court decision in Loper Bright Industries v. Raimondo, which eliminated a decades-old legal doctrine that deferred to federal regulators to interpret unclear laws.

‘Courts can still look at the CFPB guidance and decide whether they agree with that,’ Hines said.”