Pennsylvania AG’s new consumer financial protection unit’s watchdog is former CFPB enforcement lawyer

Housingwire:

According to Shapiro’s office, the state’s Consumer Financial Protection Unit will “focus on lenders that prey on seniors, families with students, and military service members, including for-profit colleges and mortgage and student loan servicers.”

While there is a serious push in Washington, D.C. to blunt, if not do away with the CFPB, Pennsylvania’s Consumer Financial Protection Unit will be led by one of the attorneys that helped found the agency.

According to Shapiro’s office, the state’s new financial watchdog will be run by Nicholas Smyth, who was the CFPB’s fourth employee and served as assistant director of the Office of Attorney General’s Bureau of Consumer Protection (the precursor to the CFPB).

Smyth also helped draft the Consumer Financial Protection Act of 2010 (Title X of the Dodd-Frank Act), which created the CFPB.

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