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John R. Coleman quoted in S&P Global article, “CFPB issues 'call to arms' to states to enforce agency rules more broadly”
S&P GlobalJohn R. Coleman
The S&P Global article, “CFPB issues 'call to arms' to states to enforce agency rules more broadly,” explores the bureau’s new interpretive rule that emphasizes the authorization states have to enforce the federal Consumer Financial Protection Act on a broader range of entities. The new guidance is part of its expanding efforts to partner with states to crack down on violations of the law and this move could enhance state enforcement efforts for the long haul.
Coleman noted, “Partnering with states can offer strategic benefits to the CFPB like mitigating litigation risk, increasing potential remedies, and ensuring that states can continue to prosecute a case even if future CFPB leadership changes course.” He also noted the only requirement for states in pursuing violations of federal consumer protection laws is that they notify the bureau.