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
Date Written: March 30, 2013
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: Suggested Citation