On September 17, 2018, Allyson Baker was quoted in an article in Compliance Week about how state agencies may be the final frontier for consumer advocates. According to the article, CFPB Acting Director Mick Mulvaney is vocal in promoting his philosophy that the Bureau is over-funded, anti-business, and wants states to own enforcement actions as the federal government takes a more hands-off approach.
Ms. Baker, who represents banks and nonbanks subject to law enforcement actions and investigations, especially those initiated by the CFPB said, "One of the things we saw a real uptick in after the 2016 election and into 2018, was that a certain number of state attorneys general were clearly ramping up their efforts to enforce consumer finance laws, specifically as an analog of the Unfair or Deceptive Acts or Practices under the Federal Trade Commission or Consumer Financial Protection Act."
"There is a perception that the CFPB is going to be pursuing its enforcement regime less aggressively," she noted. "It is not like we are going to wake up tomorrow and there is not going to be enforcement or that the Bureau has gone to sleep for three years. That's not going to happen. It is also not as if tomorrow you are going to wake to find that one state AG has filed 17 lawsuits that he or she would not have otherwise filed,” said Baker. She expects a "more graduated and nuanced, but perceptible change."