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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

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