New York Creates “Mini CFPB”

May 3, 2019Federal Regulation, News

Earlier this week, the New York Department of Financial Services (DFS) established the Consumer Protection and Financial Enforcement Division, an agency some are calling a “mini-CFPB.”

Katherine A. Lemire will lead the Division as Executive Deputy Superintendent. Prior to this position, Lemire was a partner at an international consulting firm that provided compliance and investigative services. Lemire has also served as the Assistant U.S. Attorney in the Southern District of New York and as a prosecutor in the Manhattan District Attorney’s Office.

In regards to the appointment, Lemire said, “Given the paramount importance of consumer protection and regulatory oversight in the financial marketplace, I look forward to once again re-entering public service and serving the best interests of New Yorkers, while utilizing the expertise and dedication of DFS staff and resources of the Department.”

New York is one of just several states that has become more active in financial services regulation. Over the past few years, several States have poached top talent from the CFPB in order to bolster their regulatory efforts, and just a month ago, a California lawmaker called for the creation of a mini-CFPB as well.

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