- A group of 19 Democratic AGs sent letters to the CFPB opposing proposals that would narrow the Bureau’s oversight in certain markets and reduce the number of companies subject to regulation.
- In their letters regarding proposals with respect to automobile financing, consumer reporting, debt collection, and international money transfer services, the AGs argue that the proposals: would leave millions of Americans without a federal agency looking out for their best interests; conflict with the CFPB’s statutory duty under the Dodd-Frank Act to supervise larger participants in high-risk markets; and are unnecessary because current thresholds are not unduly burdensome, among other arguments.
- The AGs urge the CFPB not to increase the participant thresholds for the companies it oversees and, in the auto finance market—where multiple revised thresholds are under consideration—they ask that, if the Bureau does adopt changes, it select the lowest of the proposed thresholds.
- We have previously reported on AG consumer protection measures taken in response to changes to the CFPB under the Trump administration.