CFPB pushes states to enforce federal consumer protection laws

by David Baumann, CUCollaborate

The Consumer Financial Protection Bureau (CFPB) last week issued an interpretive rule aimed at fortifying the powers states have to enforce federal consumer protection laws.

In issuing the rule, agency officials reminded states that even though the CFPB was created by Dodd-Frank, state officials still have the power to enforce the laws on their own or in tandem with the bureau.

Since it is an interpretive regulation, no public comment period is required.

How States Have Worked with the CFPB

The agency noted officials in several states have worked with the CFPB on enforcement actions. Most recently, bureau officials announced Monday that the agency, working with the New York attorney general’s office, has filed a proposed stipulated judgement in federal court to settle a case against a debt collection company and its owners and managers.

 

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