CFPB Summary Notice and Request for Comment on the State Official Notification Rule

NASCUS Summary re: Consumer Financial Protection Bureau Notice and Request for Comment on the State Official Notification Rule

CFPB 2024-0022

The Bureau issued this notice and request for comment regarding the state official notification rule.  Section 1042 of Dodd Frank gives certain State and US territorial officials authority to enforce the Act and related regulations.  Section 1042 requires the CFPB issue a rule establishing how States are to provide notice to the Bureau before taking action to enforce the Act (or in the event of an emergency situation, immediately after taking such action.)

In accordance with the requirements of the Act, the notice should be provided at least 10 days before the filing of an action (unless an exception applies) and that provides certain information that is required with the notification.

Request for Comments

The Bureau posed the following questions in the notice:

  • Whether the collection of information is necessary for the proper performance of the functions of the CFPB, including whether the information will have practical utility;
  • The accuracy of the CFPB’s estimate of the burden of the collection of information, including the validity of the methods and the assumptions used;
  • Ways to enhance the quality, utility and clarity of the information to be collected; and
  • Ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology.

Comments on the notice are due by August 5, 2024 and the notice can be found here.