The American Financial Services Association (AFSA) has announced that the Consumer Financial Protection Bureau (CFPB) has reversed several nonbank enforcement rules and updated credit reporting policies. These actions, according to AFSA, align with its long-standing recommendations for aligning the agency with its core mandate. This statement was made in an AFSA newsletter.
According to the Consumer Financial Protection Bureau, it has recently reversed several initiatives introduced under prior leadership. This includes rescinding its rule to establish a public registry of enforcement orders against non-bank financial institutions and withdrawing a proposed registry for contract terms. AFSA emphasized that these actions reflect recommendations it and its members have long made to realign the Bureau with its core statutory mandates.
On October 29, 2025, the CFPB rescinded its 2022 and 2023 amendments to the Rules of Practice for Adjudication Proceedings. These amendments had expanded depositions, altered scheduling timelines, and shifted dispositive motion authority to the Director. The CFPB said that the prior changes were "largely unnecessary," restoring greater procedural balance and returning adjudicatory control to hearing officers.
The CFPB also issued an interpretive rule under the Fair Credit Reporting Act (FCRA), clarifying that federal law broadly preempts conflicting state credit reporting laws. The rule replaces a narrower 2022 interpretation and aims to ensure uniform national standards for consumer reporting. AFSA noted that this change supports greater regulatory consistency for lenders operating across multiple states.
Founded in 1916, AFSA is the national trade association representing the U.S. consumer credit industry, including vehicle finance companies, mortgage and personal lenders, and credit card issuers. AFSA advocates for fair, competitive credit markets, consumer choice, and responsible lending practices through federal and state policy engagement, education, and industry standards development.
