Jonice Gray Tucker interviewed by Dodd Frank Update in “What states can, cannot do to supervise financial marketplace”
Dodd Frank UpdateJonice Gray Tucker
Jonice Gray Tucker was interviewed on June 4, 2016 in a Dodd Frank Update article “What states can, cannot do to supervise financial marketplace,” which examined the many questions the financial industry may have regarding the states’ role in supervising the financial marketplace, a task which, historically, has fallen mainly to federal regulators. The article stated, “During the era of regulation by enforcement, which Mulvaney has said is coming to an end, the CFPB used the Dodd-Frank Act provision prohibiting unfair, deceptive, or abusive acts or practices (UDAAP) to attack a variety of activities, Tucker said, using novel and, sometimes, aggressive theories. Dodd-Frank allows states to invoke the federal UDAAP statute at their discretion.”
Tucker added, “States generally have the ability, with a few caveats, to bring cases under federal UDAAP. That was a power that was conferred by Dodd-Frank. And they can go after many, but not all, of the companies operating in the financial services space directly under federal UDAAP.”
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