Consumers Win: New Rule Expands State Power to Protect Consumers
CFPB rule means states can aggressively pursue bad actors
A new rule generated by the Consumer Financial Protection Bureau (CFPB) expands state authority to use the federal Consumer Financial Protection Act of 2010 to protect consumers by prosecuting bad actors.
The consumer protection attorneys at Finn Law Group explain that the law will serve to enhance existing consumer protection efforts and remove previous barriers to state action.
States Get Boost To Enforce CFPA (finnlawgroup.com)
States can now bring a wider range of litigation against companies and individuals, according to the ruling. This news comes at an important time for those who have been victims of financial crimes. Not only will the CFPB be there to help, but states will also be able to step in and provide justice where prior, they would not have had the ability.
The Bureau is asking states to consider new enforcement actions against non-bank lenders and FinTech companies. In recent years, state authorities have struggled to take action against these corporations for a variety of consumer protection violations.
The bottom line: Today’s CFPB is taking a bold stand in favor of consumers and putting…
