Consumer Finance Poised For Greater Scrutiny From States

Law360 (February 18, 2020, 5:19 PM EST) -- Complaining that the federal government has abdicated its responsibility in the consumer finance space, California, New York and other states have declared that they will take action to fill the void in enforcement that has been created by a more restrained U.S. Consumer Financial Protection Bureau.

A number of recent developments suggest that states may increasingly flex their enforcement muscles in the consumer finance arena.

California Gov. Gavin Newsom’s proposed 2020-2021 budget includes $10.2 million for a financial protection fund, which would be used to enhance consumer protection against unfair and deceptive practices in the financial services industry.

The governor’s plan,...

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