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

31 Pages Posted: 31 Mar 2013 Last revised: 27 Apr 2013

See all articles by Mark Totten

Mark Totten

Michigan State University College of Law

Date Written: March 30, 2013

Abstract

Congress employed multiple strategies in the wake of the Great Recession to provide greater protections for consumers in the financial marketplace. One strategy harnessed the forces of federalism, empowering state attorneys general to enforce federal law. The role of attorneys general has received little attention to this point in time. This Article seeks to fill that void. 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 next 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 then identify several implementation priorities necessary to create a scheme that is both effective and efficient.

Keywords: Consumer Protection, Consumer Financial Protection, State Attorneys General, Dodd-Frank Act

Suggested Citation

Totten, Mark, Credit Reform and the States: The Vital Role of Attorneys General after Dodd-Frank (Practitioner Version) (March 30, 2013). MSU Legal Studies Research Paper No. 11-08, Available at SSRN: https://ssrn.com/abstract=2242200 or http://dx.doi.org/10.2139/ssrn.2242200

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

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