The Consumer Financial Protection Bureau has set an ambitious agenda to finish writing several important regulations before the next election, McGuireWoods Washington, D.C., partner Jeff Ehrlich, Raleigh partner Jonathan Ellis and Charlotte associate Katherine Richardson wrote in a Jan. 4, 2024, article in Law360.
In the article, titled “In the CFPB Playbook: Rulemaking Rush Before Election Year,” the authors noted that the bureau hopes to finalize new rules this year that would keep information about medical debt collection out of consumer credit reports, make it easier for customers to move their personal data from one bank to another, extend the bureau’s rulemaking powers to cover digital wallet apps and cryptocurrencies, and more.
According to the article, the CFPB may be acting urgently to avoid application of the Congressional Review Act (CRA), a law that gives Congress the power to repeal any agency rules finalized within the preceding 60 legislative days. A new Congress in 2025 could repeal regulations not finalized by the end of May or June.
“While it’s unlikely that all of these recent rules will be finalized by early summer 2024, the bureau is undoubtedly charting its course with the CRA in mind,” the authors wrote.