Abstract

http://ssrn.com/abstract=2207726
 


 



Credit Reform and the States: The Vital Role of Attorneys General after Dodd-Frank


Mark Totten


Michigan State University College of Law

January 27, 2013

Iowa Law Review, Forthcoming
MSU Legal Studies Research Paper No. 11-05

Abstract:     
Congress employed multiple strategies in the wake of the Great Recession to provide greater protections for consumers in the financial marketplace. One strategy aimed at agency design and resulted in creation of the Consumer Financial Protection Bureau. Another strategy created new substantive prohibitions and corresponding rulemaking powers. A third strategy channeled the forces of federalism, placing a limit on agency preemption and empowering state attorneys general to enforce federal law. Scholars have focused on the first two strategies, plus the new constraints on preemption, but so far have not given sustained attention to the role of states as co-enforcers of federal consumer financial protection law. This Article seeks to fill that void, focusing on implementation and charting a path for normative assessment.

I begin by placing this dual enforcement scheme within the context of recent history and the evolving infrastructure for consumer financial protection in the United States. I then consider several interpretive issues to account for the substantive, procedural, and remedial powers Congress placed in the hands of state attorneys general. Recognizing that the success of this concurrent enforcement regime will depend in part on early coordination, I next identify several implementation priorities necessary to create a scheme that is both effective and efficient. Finally, I identify key questions and offer preliminary observations toward a normative assessment of this scheme and its implications both for consumer finance and American federalism.

Number of Pages in PDF File: 64

Keywords: enforcement, state attorneys general, Dodd-Frank Act, Consumer Financial Protection Bureau, consumer financial protection

Accepted Paper Series


Download This Paper

Date posted: January 28, 2013 ; Last revised: April 27, 2013

Suggested Citation

Totten, Mark, Credit Reform and the States: The Vital Role of Attorneys General after Dodd-Frank (January 27, 2013). Iowa Law Review, Forthcoming; MSU Legal Studies Research Paper No. 11-05. Available at SSRN: http://ssrn.com/abstract=2207726 or http://dx.doi.org/10.2139/ssrn.2207726

Contact Information

Mark Totten (Contact Author)
Michigan State University College of Law ( email )
318 Law College Building
East Lansing, MI 48824-1300
United States
HOME PAGE: http://www.law.msu.edu/faculty_staff/profile.php?prof=603
Feedback to SSRN


Paper statistics
Abstract Views: 900
Downloads: 203
Download Rank: 86,850

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo6 in 0.266 seconds