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.

Please visit the links below for more information:

Press Release: CFPB Interpretive Rule

Section 1042 Interpretive Rule 5-19-2022

Director Chopra’s December NAAG remarks