State AGs Vow To Carry CFPB's Torch

A group of 17 state attorneys general issued a letter to the White House on December 12, promising that they will "continue to vigorously enforce consumer protection laws regardless of changes to the [Consumer Financial Protection] Bureau's leadership or agenda." The letter, coupled with other efforts, shows that regulatory relief in Washington may be offset by increased activity at the state level.

Expressing concerns regarding President Trump's appointment of Mick Mulvaney as Acting Director of the CFPB, the attorneys general noted that they "retain broad authority to investigate and prosecute those individuals or companies that deceive, scam, or otherwise harm consumers. If incoming CFPB leadership prevents the agency's professional staff from aggressively pursuing consumer abuse and financial misconduct, we will redouble our efforts at the state level to root out such misconduct and hold those responsible to account."