On May 19, 2022, the CFPB released a new interpretive rule to clarify the authority that state officials have to prosecute violations of the Consumer Financial Protection Act (CFPA). Significantly, the rule clarifies that state attorneys general may
- enforce any part of the CFPA,
- pursue claims against motor vehicle dealers and other entities outside the CFPB’s authority, and
- pursue enforcement actions concurrently with the CFPB.
The CFPB is requiring states to notify the CFPB in such actions and retains a right to intervene in state lawsuits pertaining to entities within the purview of the CFPB.
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