Former Director of the Consumer Financial Protection Bureau Rohit Chopra has taken on a new role leading the Democratic Attorneys General Association’s “Consumer Protection and Affordability Working Group.”
Chopra will advise Democratic attorneys general on nationwide enforcement strategies in areas such as fair lending and unfair or abusive practices. These strategies will be nonbinding, leaving each attorney general free to decide whether to adopt them.
Chopra’s move reflects a broader effort by Democratic attorneys general to use state authority to compensate for the Trump administration’s pullback on financial services oversight. The CFPB’s updated supervisory priorities also assert that when federal and state oversight overlap, the Bureau will defer to the states.
NIADA reminds dealers to remain vigilant in meeting their compliance obligations as the CFPB continues to defer to state regulatory authorities that actively enforce consumer financial protection laws, and many states are expected to pursue aggressive compliance examinations in the year ahead.
