The CFPB in 2025: What Compliance Professionals Should Be Watching For

Ben Udell sat down with Adam Wheeley, Marquis VP National Compliance Sales Manager, to discuss how the upcoming changes in Washington might affect compliance and what professionals in the space should pay attention to. Adam helps compliance professionals responsibly manage their risks and regulatory needs.

While it’s still early in the transition process, there are some insights already being telegraphed that every bank or credit union compliance officer should begin to be aware of. The Consumer Financial Protection Bureau (CFPB) is an agency where we could see bigger changes, faster. 

Ben Udell: Adam, with President-elect Trump set to take office soon, what are you hearing about the potential changes at the CFPB? What should compliance professionals be thinking about right now?

Adam Wheeley: Great question, Ben. There’s a lot of buzz around how the CFPB—the Consumer Financial Protection Bureau—could be reshaped under the new administration. With President-elect Trump coming in, the expectations are that the agency will undergo significant shifts. One big change involves CFPB leadership. Rohit Chopra, the current Director, is expected to either resign or be replaced quickly. This is allowed under the Seila Law decision, which gives the President the power to remove the Director at will. So, a lot of what we’re hearing right now is speculation, but it seems likely that we’ll see an acting Director in 2025 who’s more industry friendly.

Of course, with any turnover in leadership, we should expect change.

Ben: So, what does that mean in practical terms for people in compliance roles?

Adam: Well, whenever leadership changes, priorities change, and that means compliance teams need to be ready to pivot. Under a new Director, we could see significant shifts in the CFPB's rulemaking and enforcement agendas. For example, some key rules that were in development or recently finalized might be delayed or even revoked. This includes Section 1071 Small Business Data Collection rule, which is currently under court challenge, as well as the Open Banking Rule under Section 1033. We might see those pushed off for a while or even scrapped.

Open banking rules have been a hot topic and have been giving the industry a lot of anxiety. I’m personally really interested to see how this one evolves.

Other rules—like those addressing overdraft and NSF fees or medical debt and data broker regulations—could face similar risks. It’s possible these rules get caught up in Congress using the Congressional Review Act, or CRA, which gives lawmakers a lot of power to quickly nullify regulations. Compliance teams should be watching closely for any moves on that front.

Ben: Interesting. What about some of the non-rulemaking guidance we've seen under Chopra? Does that stick around?

Adam: Likely not, at least not in its current form. Director Chopra made a lot of use of policy circulars and advisory opinions, especially with areas like buy now, pay later (BNPL) products and wage access programs. These were generally seen as a way to fill in regulatory gaps without going through formal rulemaking. With new leadership, we could see many of those rolled back. Instead, we might see the incoming administration look to reinvigorate innovation programs to foster a more collaborative approach with the industry—less confrontation, more partnership.

The early indications are that the new administration will reduce the regulatory rule making authority that is taking place inside of agencies. The feeling is that rulemaking has gone too far and should be a legislative action.

Ben: So, if you’re a compliance professional, does that mean there might be less enforcement action to worry about?

Adam: Enforcement is likely to stay active, but we may see a shift in focus and where and how they engage. Republican leadership typically emphasizes supervision rather than aggressive enforcement. It’s more about making sure issues are addressed before they become violations. Also, the use of "dormant" authority, like designating risky nonbank entities for special supervision, might decline, meaning a bit less of that surprise factor we saw under Chopra.

I’m confident we’ll continue to focus on ensuring we’re fair and transparent with your customers and members. It’s just interesting to see which areas will get more or less emphasis.

Ben: Got it. Any other structural changes at the CFPB we should be keeping in mind?

Adam: Definitely. With the new administration and Republican control of Congress, there are some potential legislative shifts to look out for. There’s talk of modifying the CFPB’s funding structure, which would subject it to more Congressional oversight. There’s also a push to limit remote work agreements, which could change the dynamics internally at the agency.

While that may not change how we work today, it is change for an important regulatory body.

Ben: That all sounds like a lot of moving parts. What’s your key takeaway for compliance professionals as we head into 2025?

Adam: My best advice is to stay agile and on top of changes. It’s inevitable there will be changes, and the pace and areas of emphasis could be big changes for many of us. These shifts will unfold throughout the year, and nothing is set in stone yet. The CFPB might become more industry friendly, but that doesn’t mean regulatory obligations are going away. Compliance leaders should be watching closely, staying connected to any updates coming from the agency, and thinking about how potential policy changes could impact their current frameworks. The key is being proactive rather than reactive—anticipating what might come next and preparing accordingly.

Be prepared for change. But then, that’s not new in our industry.

Ben: Thanks, Adam. This has been super helpful. I think you’ve given everyone a lot to think about as we navigate what could be a very different environment at the CFPB in the coming year.

Adam: My pleasure, Ben. It’s always an exciting time when we’re on the brink of change—it’s just about staying ready.

Ben Udell is the Marquis SVP Product Marketing & Innovation. With more than 25 years of financial expertise, Ben Udell is the driving force behind future-proofing banks and credit unions. As a leader in digital innovation, he enjoys working where technology, marketing, and data analytics intersect with customer financial needs. He’s a leading banking expert in leveraging practical applications of generative AI. Recently named one of Bank Beat’s “Rising Starts in Banking” and a faculty member of the ABA’s Stonier Graduate School of Banking, he’s committed to helping our industry prosper.