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Director Cordray highlights CFPB collaboration with state AGs

Posted in CFPB Enforcement

The CFPB’s collaboration with state attorneys general was the focus of Director Cordray’s remarks today to the National Association of Attorneys General.  Director Cordray discussed the role of such collaboration in various CFPB enforcement actions, including its actions against Payday Loan Debt Solutions and CashCall.  He also commented that in addition to cases that have resulted in public filings, “our teamwork is much more deeply embedded” with the CFPB “speaking with, meeting with, or working with” state AG offices on a daily basis. 

Director Cordray indicated that the CFPB was particularly interested in obtaining input from state AGs in connection with its debt collection advance notice of proposed rulemaking.  He also identified “unfair and deceptive marketing practices by for-profit colleges” as an “area of mutual engagement” and noted shared concerns regarding online lending.  

Consumer complaints also received considerable attention from Director Cordray.  In particular, he described the portal that allows the CFPB to provide state agencies with “real time access” to complaints filed with the CFPB and allows regulators “to review complaints and even search and filter them by company, product, or issue.”  He noted that the California, Virginia, Oregon, and Texas AGs, as well as banking regulators in fourteen states, were already partnering with the CFPB on sharing complaint information.  Director Cordray urged “every attorney general to take advantage of this technology.”