The Consumer Financial Protection Bureau issued a policy directive rescinding scores of standing guidance documents, interpretive rules and advisory opinions in a bid to reduce compliance costs.

The bureau's Tuesday afternoon announcement follows an earlier statement that it would walk back a rule that places buy now/pay later loans under the Truth in Lending Act's Regulation Z, a move that will ease compliance for fintechs that offer installment loans.

The Consumer Financial Protection Bureau will not enforce or supervise the 1071 small business lending rule, it announced in a press release. The rule requires collecting data on the race, ethnicity, gender and LGBTQ status of loan applicants.

A panel of federal appeals judges prohibited the Consumer Financial Protection Bureau from issuing any further reduction-in-force notices to employees until after it hears arguments on the case next month.

The bureau dropped the case against the subprime card lender with prejudice, following a number of similar actions taken under the Trump administration.

A robust consumer protection regime ensures that consumers will rely on the stability and reliability of traditional banks by pushing capital away from volatile and speculative markets.

A federal judge will determine if the leadership of the Consumer Financial Protection Bureau should be held in contempt after firing 90% of the bureau's staff and dismantling all offices.

The Consumer Financial Protection Bureau is laying off more than 1,400 employees just days after a panel of judges said the bureau couldn't fire employees without an assessment of whether the workers are unnecessary to perform the bureau's legally mandated duties.

The Consumer Financial Protection Bureau and Townstone Financial, a Chicago mortgage lender that it sued in 2020, jointly asked a federal court to vacate a settlement, saying the case should never have been filed.

Senate Banking Committee Chairman Tim Scott said Jonathan McKernan's final confirmation vote to lead the Consumer Financial Protection Bureau is "imminent."