United States of America: Consumer Financial Protection Bureau withdrew Consumer Financial Protection Circular 2024-02 on deceptive marketing practices about the speed or cost of sending a remittance transfer

On 12 May 2025, the Consumer Financial Protection Bureau (CFPB) announced the withdrawal of Consumer Financial Protection Circular 2024-02 concerning deceptive marketing practices regarding the speed or cost of sending remittance transfers. The withdrawal was issued pursuant to a directive from CFPB leadership and aligns with Executive Order 14219, which supports deregulatory efforts under the President’s “Department of Government Efficiency” initiative. The withdrawn circular had addressed compliance obligations under the Fair Credit Reporting Act (FCRA) in the context of employment-related background checks. It clarified that employers using third-party consumer reports, algorithmic scores, or background dossiers must obtain informed consent, provide pre- and post-adverse action notices, and ensure use of such reports for permissible purposes only. The circular also emphasised that third-party providers compiling and furnishing these reports are subject to FCRA requirements concerning accuracy, transparency, and dispute resolution.