The Consumer Financial Protection Bureau (CFPB) has rescinded 67 guidance documents, particularly affecting the mortgage sector. Some of these documents previously provided clarity and certainty for lenders, while others had little impact due to their timing or relevance. Acting Director Russell Vought argues that removing these documents aligns with laws like the Administrative Procedure Act, focusing on eliminating compliance burdens and avoiding rules not passed through formal processes. The memorandum encompasses issues related to debt collection, credit reporting, and protections in the mortgage industry, with the majority of documents issued during Rohit Chopra's leadership.
The CFPB has rescinded 67 guidance documents, impacting mortgage regulations, aiming to reduce compliance burdens and enforce existing laws without creating new obligations.
CFPB Acting Director Russell Vought stated that existing law supports the guidance withdrawal, claiming prior interpretations imposed undue compliance burdens outside of required procedures.
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