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CFPB Rolls Back Nearly 70 Biden-Era Rules, Ends Supervision of Google Payment and BNPL Compliance Amid Consumer Group Criticism

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Updated May 9, 2025, 08:51 PM

The U.S. Consumer Financial Protection Bureau (CFPB) has announced a broad rollback of its regulatory and policy guidance, including the discontinuation of its supervision of Google Payment. This move reverses a Biden-era decision that the CFPB now describes as an "unwarranted use" of its authority. The agency plans to rescind nearly 70 policy and regulatory guidance documents dating back over a decade, encompassing interpretive rules, policy statements, and advisory opinions. The rollback also includes ending enforcement of a Biden-era rule that complicated compliance for buy-now-pay-later (BNPL) providers, which was seen as a relief for lenders such as Affirm. The CFPB's decision has drawn criticism from consumer advocacy groups, which warn that it may undermine consumer oversight and transparency while signaling increased industry influence.

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Katy O'Donnell

@KatyODonnell_

The Consumer Financial Protection Bureau intends to withdraw dozens of interpretive rules, policy statements and advisory opinions reaching back over a decade. https://t.co/Yz8XT5JShG

Reuters Legal

@ReutersLegal

The U.S. Consumer Financial Protection Bureau issued a list on Friday of nearly 70 policy and regulatory guidance documents stretching back more than a decade that the agency plans to rescind. https://t.co/O4CZbXkKQ9

Better Markets

@BetterMarkets

The #CFPB announced a sweeping decision to rescind virtually all of its prior policy guidance. This move threatens the integrity of consumer oversight, erodes transparency, and signals a dangerous capitulation to industry influence. Read our statement: https://t.co/HDMQpeWNIy