CFPB Unchains States to Crack Down on Shady Financial Practices
Published Date: 5/15/2025
Rule
Summary
The CFPB is rolling back a 2022 rule that limited how states can enforce consumer financial laws. This change gives states more power to protect people from unfair money practices. Businesses and state agencies should watch for updates, but no new fees or costs are expected right now.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
States Regain CFPA Enforcement Power
The CFPB is rescinding its May 2022 interpretive rule about State enforcement under section 1042 of the Consumer Financial Protection Act of 2010. That rescission gives States more power to enforce consumer financial laws and to protect people from unfair money practices.
Businesses Should Monitor State Enforcement
Businesses and State agencies should watch for updates after the CFPB rescinds the May 2022 rule on section 1042 enforcement. The CFPB states there are no new fees or costs expected right now.
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Key Dates
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