WASHINGTON–After receiving what it called “significant adverse comments” the Consumer Financial Protection Bureau has reversed an earlier decision to eliminate the procedures under which state officials must notify the Bureau if they plan to enforce the Consumer Financial Protection Act.
The announcement was published in a notice in the Federal Register.
In May, the CFPB said it planned to eliminate a requirement that states notify it and other prudential regulators before initiating any court or regulatory actions enforcing the law, with the Bureau also releasing a set of procedures for how state officials should go about doing that.
Feedback Leads to Reversal
It said the move was being made as part of President Trump’s order for agencies to roll back unnecessary regulations, but did say at the time it would not finalize the rescission if it received “significant adverse comments.”
It said it did indeed receive such feedback and it has now withdrawn the proposal.
