The consumer financial watchdog just erased its own rulebook for making rules

The Consumer Financial Protection Bureau (CFPB) just removed its own internal rules for how it creates new regulations. This means the agency no longer has a public, formal process for issuing new consumer protection rules.

The CFPB was created after the 2008 financial crisis to protect consumers from predatory financial products. Its internal rulemaking procedures were meant to ensure transparency and public input. By rescinding these rules, the agency can now issue new regulations without following a publicly defined process, which could make it harder for the public and regulated companies to understand how decisions are made.