Financial Protection Law Gains CFPB Backing
“At a recent national meeting of state attorneys general, CFPB Director Rohit Chopra outlined his vision for cooperation between the CFPB and state attorneys general and presented his views on the “dangers of preemption.” He promised to take steps to promote enforcement of consumer protection laws by state attorneys general, rein in repeat offenders, and prevent companies from bypassing state and federal oversight.”
Expanding State Attorney General Authority
“Chopra said he wants to encourage state attorneys general to bring actions under the Consumer Financial Protection Act, particularly when federal protections are stronger than state statutes.”
Exploring All Possible Remedies & Targeting Senior Management
“To address repeat corporate offenders, Chopra said the CFPB is exploring all possible remedies, including those directed at the senior management and executive levels and structural reforms to reshape behavior and incentives. Executives and managers must know that they will face repercussions for illegal acts they direct.”
For the complete article see: https://www.venable.com/insights/publications/2021/12/state-ag-enforcement-of-consumer-financial