CFPB Memo Hints to the Bureau’s New Direction

According to American Banker, Consumer Financial Protection Bureau (CFPB) Director Russel Vought directed the CFPB to review and withdraw guidance that does not conform to the new principles stated in his memo. The directive bans certain words when issuing guidance, establishes the requirement of noting that guidance is neither mandatory nor legally binding, and highlights that guidance can be rescinded at the will of the CFPB. 

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