August 20, 2018

Several publications quote Allyson Baker in an article about how state attorneys general are serving as "mini-CFPBs"

1 min

On August 20, 2018, Allyson Baker was quoted in American Banker, National Mortgage News, and Credit Union Journal regarding how 17 state attorneys general (AGs) last year pledged to fill the gap if the Consumer Financial Protection Bureau (CFPB) slowed its enforcement activity under acting Director Mick Mulvaney.

According to the article, only a few states, such as Pennsylvania and New Jersey, have announced plans to create "mini-CFPBs" to focus on consumer issues per state. In some states, budget constraints have hindered enforcement expansion operations beyond what AGs were already doing to assist the CFPB under former Director Richard Cordray.

"The states are asking, how do I maximize my deterrence effect, if I'm a state AG with limited resources? Since this administration came into power there has been a collective concern among attorneys general across the country that there would be receding enforcement power and one of the things the AGs have tried to do is compensate for that or address that," said Ms. Baker.