“ABA has long expressed concern about the CFPB’s issuance of ‘guidance’ to advance its regulatory policy agenda, and we welcome the CFPB’s decision to withdraw a substantial amount of that guidance today. While banks welcome guidance that helps them understand and comply with the law, too often in the past the CFPB has characterized something as guidance that is actually a rule Congress requires to go through the notice-and-comment process. In the most egregious cases, the guidance announces expectations that exceed the CFPB’s statutory authority. This misuse of guidance creates unnecessary confusion for regulated entities, deprives the industry of fair notice and undermines the legitimacy of the regulatory process. We’re hopeful that today’s action marks a turning point in the CFPB’s regulatory approach going forward.”