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New York regulator brings Dodd-Frank UDAAP suit
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Consumer Protection
Tuesday, April 29, 2014
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New York’s superintendent of financial services has become the first state regulator to bring a legal action to enforce Dodd-Frank’s ban on unfair, deceptive and abusive acts or practices. The state’s department of financial services obtained a temporary restraining order in federal court against an auto lender investigators said engaged in a longstanding scheme to steal millions of dollars from vulnerable consumers. This action comes a little more than a month after the Illinois attorney general sued a short-term lender for alleged violations of Dodd-Frank’s ban on abusive practices.
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