New York vows to ‘fill the gaps’ left by Trump’s regulation rollback

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Financial Times 1d ago

New York vows to ‘fill the gaps’ left by Trump’s regulation rollback - Financial Times

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The act is a “significant tool that DFS could try and wield if it wants to”, added Levine, who was at DFS during the first Trump administration, and is now a partner at Elliott Kwok Levine.“If enforcement by the CFPB is rolled back, there is an opportunity for DFS to step into that void in a number of the same areas.

It is also able to bring non-licensees to heel via a provision in the federal Consumer Financial Protection Act to police “unfair, deceptive, or abusive” practices.

When it comes to financial oversight, the DFS has “quite broad powers” over licensees, said Matt Levine, a former executive deputy superintendent for enforcement at the agency.