August 21, 2018

Are state Attorneys General serving as mini-CFPBs? Catherine Brennan quoted in American Banker

On August 20, Partner Catherine Brennan commented in an American Banker article analyzing whether State Attorneys General (AGs) have been ramping up enforcement efforts since Acting Director Mick Mulvaney took over running the Consumer Financial Protection Bureau (CFPB). Last year, 17 state AGs had pledged to fill the gap if the CFPB planned to slow its enforcement activity.

Catherine explained that, "With the election of Trump, I think those state mini-CFPBs have taken on more importance at the state level - and for those attorneys general organizing these mini-CFPBs, it's a good issue if you are planning on running for higher office." She has specifically advised online lenders to be cautious about doing business in Virginia.

Catherine primarily assists investors in the consumer financial services and alternative business funding sectors. She engages in credit due diligence on behalf of investors in Fintech firms, bank partnership platforms, small business lenders, merchant cash advance companies, consumer finance companies, title loan companies and payday lenders.

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