The Consumer Financial Protection Bureau (CFPB) under the Trump administration has ceased enforcement of several Biden-era consumer protection rules, including the buy now, pay later (BNPL) regulation and the supervision order over Google Payment. These rollbacks are seen as easing compliance burdens for lenders such as Affirm. Additionally, the CFPB will not enforce the small business lending rule, affecting regulations related to SBA 7(a) lending. Separately, the Trump administration has moved to lift regulatory restrictions on two fossil fuel executives previously barred by the Biden administration from taking board seats at Exxon and Chevron due to allegations of price-fixing. These executives had contributed millions to the GOP during the recent election cycle. The Biden administration had found these executives colluded with foreign governments to raise oil prices and had imposed consent orders on them. The Trump administration's actions represent a shift in regulatory enforcement and oversight in both consumer finance and fossil fuel sectors.
Consumer watchdog halts Biden-era Google Payment supervision. https://t.co/B2jL5yBf2j
LMFAO we're going full subprime again Consumer Financial Protection Bureau said it will stop enforcing a Biden-era rule that complicated compliance for BNPL providers, in what was largely viewed as a win for lenders like Affirm.
Memo: the US CFPB discontinues its order designating the supervision of Google Payment, says the Biden-era decision is an "unwarranted use" of its powers (@paigesmithnews / Bloomberg) https://t.co/QRnruUuIPG https://t.co/jVxwbzeDri https://t.co/ZOzeer2dpR