States Flexing Enforcement Muscle on Prospect of CFPB Pullback
Bloomberg BNA quotes Partner Ashley L. Taylor Jr. in a story about states increasing enforcement in areas such as auto finance, student loans and money laundering, among other areas, because of anticipated pullback from the Consumer Financial Protection Bureau. Taylor is quoted in regards to states working together on financial enforcement and regulation. He mentions a recent effort by attorneys general in 18 states and DC to prevent the U.S. Department of Education from rolling back protections for student loan borrowers. “That’s a concrete example of state attorneys general stepping in to fill what they see as a regulatory void,” Taylor said. He also is quoted, saying, “There’s a significant difference between one state taking action and states banding together and taking collective action. The pressure that a multistate investigation creates for a company is significant.”