Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Under Dodd-Frank Section 1042, a state AG or regulator is authorized to bring a civil action to enforce provisions of Dodd-Frank Title 10 or regulations issued under Title 10, including the Dodd-Frank prohibition of unfair, deceptive or abusive acts or practices (UDAAP).… Continue Reading
attorney general
Hearing on New York DFS lawsuit postponed until May 12
By Alan S. Kaplinsky on
We reported last week about the novel lawsuit brought by the New York Department of Financial Services (“DFS”) against a large subprime auto finance company and its president and CEO. The DFS relied on Section 1042 of Dodd-Frank in initiating a complaint in federal district court alleging that the defendants engaged in unfair, deceptive and abusive acts or practices and seeking greater injunctive and equitable relief and civil money penalties than would have been available under New York law.… Continue Reading
CFPB now sharing consumer complaints with FTC database
By Barbara S. Mishkin on
Posted in Hot Issues, Regulatory and Enforcement
The CFPB announced on March 14 that it has begun sharing consumer complaints with the FTC’s Consumer Sentinel database. In addition to the FTC, the database can be accessed by other federal agencies and hundreds of state and local agencies. Last August, the CFPB announced that it had entered into an agreement with the FTC that gave the CFPB access to complaints submitted by others to the database and in which the CFPB agreed to share the consumer complaints it received.… Continue Reading