The Consumer Financial Protection Bureau (“CFPB”) is continuing to take major steps under Acting Director Russell Vought to reshape its supervisory approach and key rulemaking initiatives.

Close-Out of “Matters Requiring Attention”

The CFPB has closed nearly all outstanding “matters requiring attention” (MRAs) identified in recent bank exams—previously numbering around 2,000.  MRAs relate to compliance issues that companies can confidentially address before any enforcement action. According to sources, most of these closeouts have occurred without verification by front-line examiners or full company remediation.  This move comes as the agency prepares to fire roughly 90% of its workforce, including over 400 exam unit staff, leaving as few as 50 on board.

This action is part of a broader narrowing of the CFPB’s oversight.  The agency has signaled plans to reduce supervision of auto finance, international money transfer, debt collection, and consumer credit reporting companies, while focusing more narrowly on traditional banks.  Funding cuts from the budget reconciliation measure (Public Law 119-21) further limit the agency’s capacity, slashing the amount it can request from the Federal Reserve by around half and constraining its ability to maintain a significant examination force moving forward.

Open-Banking Rule Review

Separately, the CFPB is reopening review of the President Biden-era open-banking rule, implemented under Section 1033 of the Dodd-Frank Act.  Through an advance notice of proposed rulemaking, the agency is asking over 30 questions covering topics such as potential data-sharing fees, who qualifies as a consumer “representative,” and additional security and privacy safeguards.  Acting Director Vought previously sided with banking groups challenging the rule but now has initiated a process to rewrite it, appearing to seek to balance banks’ concerns about fees with fintechs’ calls to protect consumers’ access to their financial data.

The feedback period for the rule will last for 60 days after the CFPB’s August 22, 2025 publication of its advance notice of proposed rulemaking in the Federal Register, i.e., until October 21, 2025.  Industry stakeholders—including the Financial Technology Association, the Bank Policy Institute, and regional banking groups—already have signaled interest in shaping the rule, which could impact compliance deadlines and the broader competitive landscape for banks and fintechs alike.

Financial institutions and fintech companies should closely monitor both these developments.  The CFPB’s decisions to expedite MRA closures, reduce supervision, and revise key rules reflect a significant shift in agency priorities and enforcement strategy.

Associate Danny Morales collaborated on authoring this update, as well.