In July, the CFPB issued an interim final rule on notification procedures to be followed by state officials when bringing an action using their authority to enforce the Dodd-Frank Act and implementing regulations. That rule generally requires a 10-day advance notice with prescribed information to be sent to the CFPB before filing an action. Last week, the CFPB published a notice and request for comment regarding the data it collects through its receipt of such notices. The notice is essentially a bureaucratic formality under the Paperwork Reduction Act of 1965 and asks for comment on questions as mundane as whether the estimated hours burden of the information collection is accurate and ways to enhance the quality, usefulness and clarity of the information collected. However, it is noteworthy that the CFPB states that, unless used in a legal proceeding in which the CFPB is involved, it doesn’t expect to make public the information it receives from state officials if the state official hasn’t already done so. And even though the CFPB’s rule requiring notice from state officials is currently effective, the CFPB asks for comments on whether collecting the information provided in such notices ” is necessary for the proper performance of the Bureau, including whether the information will have practical utilty.”
