Story perspectives

CFPB Rescinds Rules, Faces Shutdown Amid Controversy

10/30/2025

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Summary

Story summary

The Consumer Financial Protection Bureau rescinded two nonbank registry rules established under the Biden administration.
Acting Director Russell Vought said the registries were redundant and costly.
Vought anticipates the CFPB may be shut down in the coming months.
Industry groups praised the change for reducing compliance burdens.
Consumer advocates warned of increased risks from diminished oversight as nonbank lenders now represent about half of the U.S. loan market.

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Story summary

The Consumer Financial Protection Bureau rescinded two nonbank registry rules established under the Biden administration.
Acting Director Russell Vought said the registries were redundant and costly.
Vought anticipates the CFPB may be shut down in the coming months.
Industry groups praised the change for reducing compliance burdens.
Consumer advocates warned of increased risks from diminished oversight as nonbank lenders now represent about half of the U.S. loan market.