NY's Powerful Financial Regulators Poised To Extend Reach

Law360, New York (July 29, 2013, 6:11 PM EDT) -- New York's proposed tougher standards for debt collectors marked state regulators' first use of their unusual authority to fill gaps in financial regulation, proving state officials will use that power to take charge of the few areas of consumer finance they do not already oversee, attorneys say. 

The New York Department of Financial Services has already proved to be an aggressive and creative regulator in its nearly two years of operation, taking on alleged money laundering at Standard Chartered PLC and force-placed insurance, among other moves. Until...
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