Jenny Lee Quoted in Bloomberg Law – California DFPI Leads Multi-State Enforcement Action in Mortgage Industry Investigation
The article discusses how the DFPI, created in September 2020, was established to replace California’s existing Department of Business Oversight and in response to a rollback of federal efforts under the Trump Administration at the Consumer Financial Protection Bureau (CFPB), where Ms. Lee served as an official during CFPB’s inception. Consistent with Ms. Lee’s commentary, even as the CFPB now ramps up activities under the Biden administration, Bloomberg reports that the states will continue to remain focused on consumer finance efforts, and California will take a leading role, as this action demonstrated.
"It is clear that there are ambitions in California to be the leading state regulator on consumer financial protection efforts," Arent Fox partner Jenny Lee told Bloomberg.
Read the full Bloomberg article here.