NY's Use Of Dodd-Frank Will Inspire Other State Regulators

Law360, New York (April 24, 2014, 5:39 PM EDT) -- New York's top financial cop broke new ground Wednesday when he became the first state financial regulator to use the Dodd-Frank Act's consumer protection standards in his suit against an auto lender, and attorneys say other state supervisors will likely follow New York's lead.

The 2010 Dodd-Frank Act explicitly gave state regulators the ability to sue companies for engaging in unfair, deceptive or abusive acts or practices, better known in banking circles as UDAAP. Up until the New York Department of Financial Services filed its suit against Condor Capital Corp. on Wednesday, no state financial regulator had used that new power....

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