The CFPB’s final rule on the role of supervisory guidance was published in last Friday’s Federal Register.
On January 20, 2021, President Biden’s Chief of Staff Ronald Klain issued a memorandum to the heads of executive departments and agencies setting forth the terms of a regulatory freeze. The memorandum included the requirement for a rule that had been sent to the Federal Register but not yet published to be immediately withdrawn from the Office of the Federal Register and approved by a department or agency head appointed by President Biden.
The CFPB’s final rule on the role of supervisory guidance was issued on January 19, 2021. Accordingly, assuming the CFPB is now considered an executive agency as a result of the U.S. Supreme Court’s Seila Law decision making the CFPB Director removable at will by the President, Mr. Klain’s memorandum would have required the CFPB to withdraw its rule for approval by Acting Director Uejio. The publication of the CFPB’s final rule in the Federal Register presumably means that Acting Director Uejio has approved the final rule.