CFPB Consumer Notice Waivers Need State Buy-In To Work

Law360, New York (December 14, 2012, 8:59 PM EST) -- A Consumer Financial Protection Bureau initiative that would give companies some limited freedom to experiment with consumer disclosures without fear of a regulatory crackdown will only work if states also agree to temporarily refrain from enforcing their own consumer protection statutes, attorneys say.

The CFPB on Thursday put forward a proposal that would give companies a temporary waiver from federal consumer protection standards, including the Truth In Lending Act and the Real Estate Settlement Procedures Act, in order to develop innovative and new disclosure mechanisms. In...
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