CFPB Reminds State Regulators of Enforcement Powers
Highlights
New rule empowers states to enforce the federal Consumer Financial Protection Act
States have broader authority than the Consumer Financial Protection Bureau (CFPB) to enforce violations of state and federal consumer protection laws against broader range of entities and persons
Enforcement by CFPB does not prohibit or limit state authority to bring enforcement actions for consumer protection law violations by traditional financial institutions, fintechs, crypto service providers and digital asset platforms
The Consumer Financial Protection Bureau (CFPB) recently announced and issued a new Interpretive Rule that delineates states’ authority to enforce federal consumer financial protection laws. Citing the crucial role states play in protecting consumers, the CFPB made it plain that state attorneys general play an integral role in oversight and enforcement of the Consumer Financial Protection Act (the Act).
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