New York Creates Mini-CFPB

The Acting Superintendent of the New York Department of Financial Services (NYDFS) this week announced the department is creating a new Consumer Protection and Financial Enforcement Division. The new division combines the previously separate Enforcement & Financial Frauds with the Consumer Protection divisions. In the past few years, states have created their own mini-CFPBs in response to a perceived absence of federal enforcement. In addition to New York, there are mini-CPFBs in New Jersey and Pennsylvania, and formerly in Maryland. Members of the California Assembly are considering introducing legislation to create their own mini-CFPB as well.