But several financial services trade groups disagreed, urging the CFPB not to simply repeal the rules without replacing them.
In a joint comment letter last month, the Online Lenders Alliance, Consumer Data Industry Association and Professional Background Screening Association noted that, for one thing, Dodd-Frank requires there to be regulations fleshing out the notice requirement.
The current rules also do serve a useful purpose, the letter argued — they clarify what is expected from states so that the CFPB is kept in the loop about their use of its enforcement authority and can consider its options to potentially intervene, the trade groups said.
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