On December 1, 2022, nationwide used car dealer CarMax Auto Superstores, Inc. (“CarMax”) and 36 state attorneys general announced a $1 million multistate settlement that will require CarMax to disclose open recalls related to the safety of its used vehicles …
State Enforcement
This week’s podcast episode: Recent enforcement activities of state attorneys general, with special guest Shennan Kavanaugh, Division Chief, Consumer Protection Division (CPD), Massachusetts Attorney General’s Office
By Barbara S. Mishkin on
Posted in State Enforcement
While most attention is focused on the CFPB, state attorneys general are very active in investigating and enforcing state laws relating to consumer financial services (and often federal laws when incorporated into state law or when using their Dodd-Frank authority). …
Pennsylvania Attorney General files lawsuit against lead generator for role in assisting unlawful telemarketing calls
By Michael Fausey on
GOP lawmakers question CFPB’s relationship with state attorneys general and take aim at interpretive rule on state enforcement authority
By John C. Grugan on
Posted in CFPB Enforcement, State Enforcement
Three Republican House members sent a letter last week to CFPB Director Chopra raising questions about the Bureau’s relationship with state attorneys general and its interpretive rule issued in May 2022 regarding the authority of state attorneys general and state …
This week’s podcast episode: A conversation with special guest Phil Weiser, Colorado Attorney General
By Barbara S. Mishkin on
Posted in State Enforcement
AG Weiser discusses the areas of consumer financial services that are a current focus of his office’s efforts. After discussing the role of the newly-created Office of Financial Empowerment in addressing the needs of unbanked consumers, AG Weiser discusses his …
New CFPB interpretive rule outlines broad state CFPA enforcement authority
By Michael Gordon on
The CFPB has issued a new interpretive rule regarding the authority of state attorneys general and state regulators (State Officials) to enforce the Consumer Financial Protection Act (CFPA).
CFPA Section 1042(a) (12 U.S.C. Section 5552) authorizes “the attorney general (or …
Colorado Attorney General enters into settlements with credit unions requiring refunds of GAP fees
By Matthew A. Morr on
Posted in Auto Finance, State Enforcement
Colorado Attorney General Phil Weiser recently announced that three Colorado-chartered credit unions had entered into Assurances of Discontinuance (AODs) with the Colorado Administrator of the Uniform Consumer Credit Code (UCCC) to resolve the issues between the Administrator and credit unions …
Director Chopra promotes aggressive enforcement in remarks to National Association of State Attorneys General
By Ballard CFS Group on
In remarks given on Tuesday to the National Association of State Attorneys General (NAAG), CFPB Director Chopra promoted an aggressive approach to enforcement by both the CFPB and state attorneys general (AGs).
In his most noteworthy remarks, Director Chopra:
- Identified
CFPB/federal banking agencies/state financial regulators announce end of flexible supervisory and enforcement approach to mortgage servicer compliance
By Reid F. Herlihy on
In the latest demonstration that there’s a “new CFPB” as well as other new regulatory sheriffs in town, the CFPB, the federal banking agencies (OCC, FDIC, Federal Reserve Board, and NCUA), and state financial regulators issued a joint statement yesterday …
This week’s podcast: A conversation with Nicholas Smyth, Senior Deputy Attorney General and Assistant Director for Consumer Financial Protection in the Pennsylvania Office of Attorney General
By Barbara S. Mishkin on
Posted in State Enforcement
We discuss recent and ongoing enforcement activity of the PA AG involving consumer financial services. Our conversation focuses on activity directed at: auto title lenders for alleged violations of PA usury law; national banks for alleged CARD Act violations; furniture …