CFPB Plans to Revise State Notice Rule Instead of Withdrawing It

The Consumer Financial Protection Bureau plans to revise a rule that it had previously withdrawn governing when state attorneys general are required to report coming lawsuits, following industry criticism.

After receiving “significant adverse comments,” the CFPB is withdrawing the direct final rule and will instead revise it, according to a notice in the Federal Register’s Public Inspection file late Thursday. The notice of withdrawal of the rescission is set to hit the Federal Register on July 21.

The 2010 Dodd-Frank Act gave state attorneys general the power to enforce federal consumer financial protection laws but required them to inform the ...