Bank regulators have long kept state officials at arm's length. But the Consumer Financial Protection Bureau is forging close relationships with state attorneys general to enforce consumer banking laws.
The Dodd-Frank Act opened the door for information-sharing and consultation between state and federal officials, encouraging the two to work together to pursue banks and nonbanks that engaged in abusive practices. In April, the CFPB and state AGs made it official, releasing a joint statement of principles that said they would coordinate investigations and identify mutual enforcement priorities.
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