Finance Sector, States React to Regulatory Shift

Deregulation Comes to Consumer Finance
– American Lawyer

Manatt’s Richard Gottlieb, co-chair of the firm’s financial services group, was interviewed by American Lawyer on regulatory shifts in the finance sector.

The publication noted that White House budget director Mick Mulvaney, who now leads the CFPB, took to Twitter to summarize the administration’s deregulatory drive. He said that the previous administration had added more than $80 billion in regulatory burden, while the current administration has lifted about $500 million through deregulating. As a result, some state attorneys general are poised to fill in the regulatory gap.

“California’s latest budget includes more money to challenge Trump initiatives that could harm the state’s most vulnerable citizens,” said Gottlieb. “No one in the financial services industry wants California regulators stepping in to replace uniform federal enforcement. And no one wants to see a return of overly aggressive state sheriffs in the mold of New York’s former AG, Eliot Spitzer. That’s troubling to the industry, because they would rather there be a more balanced approach taken by the CFPB.”

Read the article here