Punxsutawney Phil didn’t see his shadow, so we’re expecting an early spring. Maybe that’s why mini-CFPBs are sprouting or expanding on both coasts. Governor Cuomo announced several key measures impacting financial services companies in his State of the State address. Among other initiatives, Governor Cuomo indicated he would propose legislation giving the NY DFS authority to license and examine debt collectors, and UDAAP authority mirroring the CFPB’s authority granted by Dodd-Frank Title X, expanding the entities required to pay for examinations and increasing penalties for illegal conduct....
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