Michelle L. Rogers Quoted in Reuters Wire story, “U.S. States Gird for Fight as Trump Targets Consumer Finance Watchdog”
ReutersMichelle L. Rogers
Michelle L. Rogers was quoted on December 1, 2017 in a Reuters wire story, “U.S. States Gird for Fight as Trump Targets Consumer Finance Watchdog,” which discussed how changes in Consumer Financial Protection Agency leadership might affect state enforcement initiatives. The article stated, “When it comes to financial consumer protection state attorneys general wield an additional potentially powerful weapon. A little-known provision of the 2010 Dodd-Frank law, which created the CFPB, gives them the authority to enforce the agency's rules and its broad ban on "unfair, deceptive and abusive" practices beyond state lines. States have rarely used those provisions while Richard Cordray, appointed by President Barack Obama and known for aggressively pursuing financial firms, was in charge of the watchdog.” After summarizing what actions some states have taken, the article noted that some lawyers have been advising clients facing CFPB charges against stalling in hopes the watchdog will become more lenient under Trump.
Rogers added, “Wall Street may end up with increased regulatory complexity rather than relief as the state attorneys step in. They are more nimble than a big federal agency. They have their own staff, and their own agenda, and they can send out a subpoena on a whim on a broader set of issues.”