Alerts6.9.22
CFPB Reminds State Regulators of Enforcement Powers
New rule empowers states to enforce the federal Consumer Financial Protection Act
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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