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CFPB backs down on state notification rule for CFPA action

CFPB headquarters
Photo: Philip Yabut/Getty Images

Vlada Gurvich

3 min read
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Move follows significant public pushback and concerns over weakening regulatory coordination.

In a quiet retreat from regulatory reform, the Consumer Financial Protection Bureau (CFPB) has shelved its plan to rescind a decade-old requirement that state enforcers notify the federal agency before taking legal action under the Consumer Financial Protection Act (CFPA).

The reversal, announced on July 21, came in response to

The

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