The Consumer Financial Protection Bureau received overwhelming industry support to repeal Biden-era rules establishing a registry of violations by nonbanks and designating some companies for supervision.
The rules were examples of regulatory overreach under former CFPB Director Rohit Chopra, trade groups representing fintechs and other companies said in letters to the agency ahead of a June 13 comment deadline.
The rules previously faced almost unanimous industry opposition when Chopra’s CFPB finalized them.
Now, with the Trump administration looking to eliminate a host of Biden administration regulations, industry commenters took the chance to reiterate their stance to a friendly audience.
The ...