NYDFS promises to fill CFPB regulatory void

State Issues NYDFS Enforcement Consumer Finance CFPB Succession CFPB

On January 25, the New York Department of Financial Services (NYDFS) Superintendent, Maria T. Vullo, issued a statement critical of the recent policy changes by the CFPB’s new leadership. As previously covered by InfoBytes, acting CFPB Director Mick Mulvaney announced, among other things, that the CFPB will no longer “push the envelope” in pursuit of the agency’s mission. Vullo stated that NYDFS remains “committed to its mission to safeguard the financial services industry and protect New York consumers,” and promised to fill the “regulatory voids” left by the new administration.

In December, as previously covered by InfoBytes, seventeen state attorneys general sent a letter to President Trump expressing concern about Mulvaney serving as acting director, and emphasizing that if the CFPB does not do the job, the states will “redouble our efforts at the state level to root out such misconduct and hold those responsible to account.”